The Hindu Business Line : Himatsingka net up 7 pc in 2005-06

Himatsingka Seide Ltd has reported a seven per cent rise in net profit and 14 per cent rise in revenues for the year-ended March 31, 2006 over the previous year.

The company clocked a net profit of Rs 48.63 crore on revenues of Rs 177.16 crore for financial year 2005-06 as compared to a net of Rs 45.46 crore on revenues of Rs 155.80 crore in the previous year.

Himatsingka has declared a final dividend of Rs 1.25 per share of Rs 5 each (25 per cent on par value).

Together with the interim dividend of Rs 1.25 per share distributed in February 2006, the total dividend for the year works out to Rs 2.5 per share (50 per cent on par value). Himatsingka shares ended 4.4 per cent lower on the BSE at Rs 121.10 on Monday.

Total sales for the year grew by 9.4 per cent at Rs 150.89 crore as compared to Rs 137.98 crore in the previous year. The other income was up at Rs 14.31 crore compared to Rs 6.52 crore in the previous year.

The company has commenced the implementation of its new project for bed linen and made ups at Hassan.

The company took a charge of Rs 1.85 crore relating to the exchange loss (net) arising on revaluation of the unutilised part of the GDR proceeds kept in the bank deposits overseas. Himatsingka had raised $60 million in December 2005 through a GDR issue to fund its expansion plans.

The cash reserves of the company stood at Rs 408 crore as on March 31, 2006.

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