The Hindu Business Line : Super Spg net down; sales up

COIMBATORE: Super Spinning Mills Ltd has closed the quarter ended September 30 with a 19 per cent growth in net sales. But the provisioning for a higher deferred tax liability during the quarter under review pulled down its net profit.

The company has posted its net profit at Rs 14 lakh on a sales turnover of Rs 95.40 crore realised during the quarter as against a net profit of Rs 1.60 crore (on net sales of Rs 79.98 crore) for the same period in the previous financial year.

The audited financial results of the company adopted by the board of directors of the company held here on Monday have shown its profit before tax for the quarter stood higher at Rs 2.54 crore compared to Rs 2.28 crore in the previous year. It has provided for a higher current tax and deferred tax of Rs 91 lakh and Rs 1.49 crore respectively as against Rs 42 lakh and Rs 26 lakh for the corresponding period last year.

On the expenditure side, the company had expended Rs 42.96 crore (Rs 39.17 crore) towards raw materials, a higher purchase of trading goods (cotton) Rs 10.28 crore against Rs 8.90 crore. Its other expenditure too was higher at Rs 17.70 crore (Rs 14.87 crore) during the quarter under review.