The Hindu Business Line : Lakshmi Mills net, sales down; to pay 5 pc

LAKSHMI Mills Company has recorded a 19 per cent drop in sales income during the fiscal ended March 31, 2004. The company's net profit too has shrunk to one-third of the previous year.

According to the audited results of the company, its net sales has decreased to Rs 137.22 crore from Rs 169.01 crore in the previous year. The company has shown a higher other income during the year at Rs 5.95 crore (Rs 2.75 crore). Its net profit for the year under review fell to Rs 48 lakh (Rs 1.73 crore).

The company's board which met here today announced a reduced dividend of 5 per cent for the year, against 10 per cent last year.

The earnings per share of the company stands pruned to Rs 6.98 (Rs 24.91).

The bad market condition that prevailed for most part of the year for the cotton textile industry had impacted the company's operation, though the company's fourth quarter performance could make some recovery in terms of improved sales and net profit.

The net sales in the fourth quarter ended March 31, 2004 stood at Rs 39.19 crore, almost the same as Rs 40.44 crore in the previous year. Its profit before tax for the quarter remained higher at Rs 4.83 crore (Rs 1.58 crore) and its net profit too was higher at Rs 4.72 crore (Rs 67.5 lakh).