Overseas businesses lift Himatsingka Seide Q1 earnings

Our Bureau Bangalore | Updated on August 14, 2012

Himatsingka Seide Ld, driven by revenues from the US, Europe and West Asia, has seen its profits rise by 8.9 per cent to Rs 10.40 crore on a consolidated basis for the first quarter this fiscal.

The company’s revenues also grew by 17.19 per cent to Rs 382.45 crore in the same quarter, while earnings-per-share stood at Rs 1.06 compared with Re 0.97 in the past financial year.

In a release, the company said, “On August 9, the liability on account of a foreign-currency derivative contract was crystallised at Rs 15.54 crore. The company provided Rs 18.24 crore on account of the above contract as on June 30. As per the risk management policy, the company continues to hedge foreign-currency exposure through forward-exchange contracts. The company has no other derivative contracts.”

During the quarter, the company’s revenues in North America represented by Calvin Klein Home, Barbara Barry and others in addition to private label grew by 1.9 per cent to $58.37 million.

Revenues in Europe through Bellora brand fell by 22.4 per cent to €3.24 million. Atmosphere brand revenues from India, West Asia and South-East Asia grew by 15 per cent to Rs 12.93 crore.


Published on August 14, 2012

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