Century Textiles net profit dips by 68%

Century Textiles and Industries, a part of the B K Birla group, has posted a dip of 68.21 per cent in its net profit in the December quarter to Rs 23.14 crore, compared with Rs 72.8 crore in the previous corresponding quarter. The company’s net sales during the period grew to Rs 879.79 crore, up 4.16 per cent.

The company has its exposure in cement, textiles and paper businesses. The textiles segment, which is continuously making losses, posted another loss of Rs 23.75 crore in the December quarter. The cement and paper segments managed to escape the fate of textiles but posted less profits.

The cement segment posted a net profit of Rs 81.25 crore against Rs 130 crore last year whereas paper business’ net profit stood at Rs 17.77 crore against Rs 31.06 crore last year. The expenses on power and fuel by the B K Birla firm rose to Rs 204.44 crore against Rs 162.28 crore. The earning per share (including exceptional items) stood at Rs 2.49 compared with Rs 7.82 in the previous corresponding quarter.

On the Bombay Stock Exchange, the company’s share price dipped to Rs 155.55 on Tuesday, down 2.78 per cent.