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Our Bureau

Coimbatore , Jan. 28

LAKSHMI Mills Company Ltd, currently involved in restructuring of its operations, has closed the third quarter of the fiscal ended December 31, 2004 with a net profit of Rs 2.62 crore.

The company's financial statement for the quarter includes a huge `other income' receipt of Rs 8.76 crore and a profit of Rs 7.83 crore mainly comprising the proceeds from surplus land sale.

The unaudited financial results approved by the board have shown that besides the land sale proceeds, the company has also booked a profit of Rs 3.92 crore accrued from the sale of scrapped textile machinery. (The `other income' for the nine months ended December 31, 2004 was Rs 14.25 crore).

Also, net sales for the third quarter stood marginally higher at Rs 37.45 crore (Rs 36.72 crore). The company's total turnover for the nine months ended December 31, 2004 worked out to Rs 110.65 crore (Rs 98.03 crore) and its net profit was Rs 3.15 crore (compared to a net loss of Rs 4.23 crore in the previous year).

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