The Hindu Business Line : Raymond Q4 net down 69%

Mumbai April 28 Raymond Ltd has reported a 69.35 per cent drop in net profit at Rs 10.67 crore for the quarter ended March 31, 2007 compared with Rs 34.81 crore in the corresponding quarter of the previous year. Net sales fell 9.5 per cent to Rs 347.73 (Rs 384.25 crore).

However, for the year ended March 31, the company posted a 67.04 per cent rise in net profit at Rs 202.12 crore (Rs 121 crore). Net sales fell 3.06 per cent to Rs 1,284.19 crore (Rs 1,324.74 crore).

The results of the company for the year ended March 31, 2007 includes that of the denim division for only four months of the year and is therefore not strictly comparable to the previous year, said the company in an official statement. The company transferred its denim business to a joint venture with UCO NV of Belgium in August 2006.

Sales of the Textile Division registered a growth of 14 per cent to Rs 992.22 crore as against Rs 868.44 crore in the previous year.

The Board has recommended a dividend of 50 per cent.

Shares of the company rose 1.25 per cent to close at Rs 356 on the BSE on Friday.

More Stories on : Financial Performance | Textiles | Dividend Announcement

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