The Hindu Business Line : Century Textiles Q4 net dips 40 pc

Century Textiles and Industries Ltd today reported a 40.73 per cent decline in net profit to Rs 25.21 crore for the fourth quarter ended March 31, 2006, compared to Rs 42.54 crore in the corresponding previous quarter.

The company has made higher provision for current tax at Rs 23.43 crore (Rs 4.56 crore) during this quarter.

Net sales rose 5.41 per cent at Rs 706.03 crore (Rs 669.77 crore).

For the year-ended March 2006, the net profit fell marginally by 0.52 per cent at Rs 109.05 crore (Rs 109.63 crore). Net sales increased by 5.6 per cent to Rs 2,578.27 crore (Rs 2,441.47 crore).

30 pc Dividend

The company has announced a dividend of 30 per cent.

The company, in a press release, said that the denim plant capacity has risen by 10 million metres per annum.

New captive thermal power plants with 15 MW and 10 MW capacity were commissioned at its Maihar and Century Cement units in March and April 2006, respectively.

The company is progressively reducing the production at its textile mill in Mumbai where 1,200 looms and 77,000 spindles are in operation. "It has been decided to bring down gradually the production of fabrics by reducing the number of looms in operation to about 500 as also reducing the requisite number of spindles and ancillary machineries needed to continue the operations viably,'' the release added.

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