Trent FY11 net profit surges 73%

Tata Group company, Trent that operates Westside along with other branded retail chains, today posted 73.28% increase in its consolidated net profit for the year ended March 31, 2011 at Rs 2.53 crore.

In 2009-10 the company's consolidated net profit stood at Rs 1.46 crore, it said in a filing to the Bombay Stock Exchange (BSE).

The net profit for 2010-11 includes Rs 1.05 crore received from sale of investments by a subsidiary of the company.

The company's net sales during the twelve months period ended March 31, increased 43.12% at Rs 1,520.29 crore, as against Rs 1,062.21 crore in the prior fiscal.

"The consolidated results of the company reflect the cost of incubation of the hypermarket business (now in Trent Hypermarket) and losses in its subsidiary Landmark," the filing said.

The losses incurred by the hypermarket business continued to be broadly in line with the business plan of the company, it added.

During the year, Trent opened 11 Westside stores, one Fashion Yatra store, four Star Bazaar stores and four Landmark stores taking the total number of outlets under various formats to 104.

Trent's board has recommended payment of dividend of Rs 7.50 per equity share of Rs 10 each on 2,00,56,877 equity shares and dividend of Rs 1 per redeemable preference share of Rs 1,000 each on 70,000 preference shares, for approval by the shareholders.

The company's scrip closed at Rs 1,013.45 per share, up 1.78% from the previous close on the BSE.