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Tuesday, Aug 03, 2004

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Century Textiles net down 17 pc

Our Bureau

MUMBAI: Century Textiles and Industries Ltd recorded a 17.46 per cent fall in first quarter net profit to Rs 23.45 crore (Rs 28.41 crore) owing to high raw material costs.

The textiles and cement maker reported 10.55 per cent jump in net sales for the quarter ended June 30, 2004 to Rs 604.22 crore (Rs 546.55 crore). Other income fell to Rs 20.22 crore (Rs 25.30 crore), this includes Rs 4.36 crore from sale of land, a news release said.

Per share earnings for the quarter fell to Rs 2.52 against Rs 3.05 same period last year.

Total expenses including raw material costs and spare parts were up 13.77 per cent to Rs 553.58 crore (Rs 486.57 crore). The company cut interest and depreciation costs to Rs 11.49 crore (Rs 18.65 crore) and Rs 30.45 crore (Rs 32.21 crore).

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