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Kerala State Textiles Corp H1 operating profit at Rs 49.61 lakh

Our Bureau

Thiruvananthapuram , Dec. 2

The Kerala State Textiles Corporation has recorded an operating profit of Rs 49.61 lakh during the first half of the 2004-05 financial year.

Announcing this, the Managing Director, Mr Jacob Joseph, said here that in doing so the company had defied a crisis situation affecting the industry elsewhere by taking recourse to professional management principles, which was complemented by the prevailing superior management-labour relationships.

The operating profit during the first half of the current year was made against an operating loss of Rs 1.90 crore suffered during the same period in the previous year.

The company managed to prune cash losses to Rs 57.68 lakh and accumulated losses to Rs 1.63 crore during the first half of the current year.

During the previous year, cash losses had amounted to Rs 2.9 crore and net loss Rs 4.16 crore. In this manner, cash losses were pruned to the extent of 80.71 per cent and net loss 60.74 per cent.

Other comparable year-on-year performances during first half were: Production - Rs 17.63 crore (Rs 14.87 crore); raw material costs - 53.52 per cent (60.05 per cent); labour costs - 18.73 per cent (25.06 per cent); electricity overheads - 17.70 per cent (21.43 per cent). These were achieved through strict cost control, efficient waste management practices and prudent use of electricity.

Various mills under the control of the corporation have been able to make unmatched gains during July-September this year, Mr Jacob said. The operating profit for the quarter was Rs 59.10 lakh against an operating loss of Rs 63.88 lakh during the corresponding period the previous year.

Cash profit during the second quarter this year amounted to Rs 24.04 lakh (cash losses of Rs 91.31 lakh). Accumulated losses of Rs 1.32 crore have been brought down drastically to Rs 27.64 lakh.

Other year-on-year performances during the second quarter are: Total production Rs 9.43 crore (2004-05) against Rs 7.82 crore (2003-04); raw material costs - 52.04 per cent (60.67 per cent); labour costs - 18.05 per cent (21 per cent); electricity overheads - 17.02 per cent (19.92 per cent); and productivity - 90.40 per cent (83.78 per cent).

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