Himatsingka Seide net at Rs 11.8 cr

Himatsingka Seide, the Bangalore-based home textiles company, has reported a net profit of Rs 11.79 crore for the year ended March 31, 2010 as compared to net loss of Rs 74.42 crore in the previous year. Net sales for the year registered a growth of 3.86 per cent to Rs 1058.71 crore. Operating profit stood at Rs 36.22 crore as compared to a net loss of Rs 6.91 crore last year.

"The revenues from distribution and manufacturing businesses saw marginal growth during the financial year. Our continued focus on cost optimisation and optimal pricing in the backdrop of increasing input costs, together with benefits arising from the recently commissioned 12.5 MW co-generation captive power plant, will contribute to improved operational performance going forward," said Shrikant Himatsingka, executive director, Himatsingka Seide.

The coal-based thermal captive co-generation power plant has been set up at its bed linen manufacturing facility located at Hassan SEZ. The company has commissioned 6.25 MW with effect from January 2010 and balance 6.26 MW with effect from April 2010. The board of directors has recommended dividend of Rs 0.25 per equity share.