Financial Daily from THE HINDU group of publications
Monday, Oct 18, 2004
Financial Daily from THE HINDU group of publications Monday, Oct 18, 2004 |
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Corporate Results
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Silk Eastern Silk net up 67% Our Bureau
Mumbai , Oct. 17 EASTERN Silk Industries has reported a 67 per cent jump in net profit for the quarter ended September 30, 2004 at Rs 8.88 crore over the corresponding quarter in the previous year. Sales revenues rose 38 per cent from Rs 65.65 crore to Rs 90.93 crore. According to Mr U.V. Venkatesh, Chief Executive Officer, Eastern Silk, new marketing strategies, focus on high-end products and a Rs 60-crore spend on new capacity in Bangalore two years ago helped the company grow its topline as well as bottomline. The company incurred an interest cost of Rs 3.22 crore (Rs 2.38 crore) and depreciation of Rs 1.27 crore (Rs 49 lakh) during the second quarter of the current fiscal year. Mr Venkatesh said the company is spending another Rs 12 crore to set up new machines that will be operational by January.
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