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Our Bureau

Bangalore, Jan. 29 Higher taxes during the third quarter of 2007-08 have dragged down the net profit of garment maker, Gokaldas Exports, by 3.54 per cent to Rs 17.19 crore.

Gokaldas Exports paid a total of Rs 2.06 crore as taxes including Rs 1.94 crore as income tax during the quarter ending December, 2007. This quarter has been a high income-tax paying quarter, in fact the highest ever for the company, a press statement from Gokaldas Exports said.

Net sales grew 10.13 per cent to Rs 281.12 crore during the same quarter.

The EBIDTA (earnings before interest, depreciation and tax) stood at Rs 35.64 crore, posting an increase of 18 per cent compared with the same period, last year and on a sequential basis, the EBIDTA rose 33 per cent.

The statement said the rupee strengthened by another 2.3 per cent in this quarter but despite this appreciation, the company’s hedging strategy and improved realisations have helped tide over the forex impact on profits.

“The business environment and the US economy are posing challenges but there has been no impact on our business so far. We continue to see good demand from our customers and our order book for the fourth quarter is at around Rs 280 crore,” the statement said.

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