The Hindu Business Line : Himatsingka Seide net rises 15%

BANGALORE: Himatsingka Seide has reported a 15 per cent increase in net profit at Rs 13.24 crore on revenues of Rs 40.94 crore for the second quarter-ended September 30, 2005 against a net profit of Rs 11.5 crore on revenues of Rs 35.76 crore in the corresponding quarter last year.

Fabric sales were up 11.1 per cent at Rs 34.47 crore (Rs 31.02 crore). The volumes of fabric sales were higher by 16 per cent at 406.57 thousand metres. Yarn sales were maintained at Rs 35.8 crore (Rs 36.1 crore) while the volumes were higher 6.6 per cent at 21.9 tonnes.

The company is implementing a new project for producing bed linen fabrics with an investment of Rs 400 crore. The new unit at the Hassan SEZ in Karnataka would have a capacity of 20 million metres per annum, said a company press release. The company has appointed Mr K.R.S. Murthy, former director of Indian Institute of Management, Bangalore as additional director on its board.

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