Century Textiles profit dips 41% to Rs 25.21 cr

BS 200 SCORECARD

Hampered by a slowdown in its textile and pulp and paper businesses, Century Textiles and Industries reported 40 per cent decrease in net profits to Rs 25.21 crore for the quarter ended March 2006, as compared with Rs 42.54 crore in the corresponding previous quarter.

The company's total income was up 8.46 per cent to Rs 727.8 crore from Rs 695.8 crore in the year-ago period.

For the full year ended March 2006, the company's textile business pushed down its net profits to Rs 109.05 crore from Rs 109.6 crore last year. Total income was up 5.7 per cent to Rs 2,685.5 crore from Rs 2,539.6 crore last year. The company has announced dividend of 30 per cent as against 25 per cent last year.

The company will reduce production at its textile mill in Mumbai by bringing down the number of looms to 500 from the present 1,200. It has also decided to gradually bring down the production of fabrics and has also scaled down the requisite number of spindles and ancillary machineries needed to continue the operations.

Its cement business continues to be the revenue driver contributing Rs 1,295 crore in yearly sales. The company has commissioned a new captive thermal power plants of 15 mw at Maihar facility and 10 mw at Century Cement, taking its total installed capacity to 75 mw.

It also announced a capex of Rs 20 crore for the erection and commissioning of a 60 tonne per day fluidised bed combustion boiler for its Century Rayon division.