Financial Daily from THE HINDU group of publications
Sunday, Jan 22, 2006
Financial Daily from THE HINDU group of publications Sunday, Jan 22, 2006 |
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Corporate Results
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Silk Himatsingka Q3 net up; to pay 25% interim Our Bureau
Bangalore , Jan. 21 THE board of directors of Himatsingka Seide Ltd has recommended an interim dividend of Rs 1.25 per share of Rs 5. The company reported a two per cent growth in net profits for the quarter ended December 2005 at Rs 11.95 crore against Rs 11.74 crore in the corresponding quarter last year. Total income for the third quarter was up six per cent at Rs 43.26 crore (Rs 40.65 crore). "It was a stable quarter," said Mr P. Chinnaraj, Chief Financial Officer, Himatsingka. Net profits for the quarter were lower, as the textile company incurred losses on the un-hedged portion of the Global Depository Receipt (GDR) proceeds due to depreciation of the dollar against the rupee. It made a charge of Rs 1.35 crore on mark-to-market foreign exchange losses. Himatsingka recently raised $60 million through a GDR issue. The company is yet to bring the proceeds into the country. It had taken a cover for around $30 million of the GDR proceeds and had left the position open for the rest. During the quarter, the company went in for a stock-split, dividing one equity share of Rs 10 each into two equity shares of Rs 5 on October 21. Its shares were up at Rs 142.35 (Rs 139.25) on the BSE on Friday.
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