The Hindu Business Line : Century Textiles net down 38%

Century Textiles Ltd posted a third quarter profit after tax of Rs 72.8 crore, down 38.32 per cent as compared to Rs 118.04 crore of the same period last year, excluding extraordinary items.

Including extraordinary items of last year, Rs 84.11 crore, the company’s net profit for the quarter increased by 114 per cent to Rs 72.8 crore.

The net sales for the December quarter increased to Rs 844.64 crore up 5.4 per cent as compared to Rs 800.95 crore of the same period last year.

The total income increased to Rs 856.87 crore up 5.35 per cent as compared to Rs 813.33 crore of the same period last year.

The results of the December 2007 quarter are not comparable with those of the same quarter previous year, due to the close down of operations at the Worli factory, according to a company release. The company intends to develop the land for hospitality services, IT, ITES or any other commercial purpose.

Expansion plans

The company announced expansion of its manufacturing facility by setting up a 500 tonnes per day capacity Multilayer Packaging Board Plant including 40 MW Steam Turbine, at a capital outlay of Rs 77.5 crore. They will also install a 450 tonnes per day capacity paper grade pulp plant (fibreline) to produce wood pulp at a capital outlay of Rs 495 crore including replacement of the existing chemical recovery boiler of 350 tonnes per day by a 1,200 tonnes per day boiler. These expansions are expected to be operational by about September 2009.

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