Century Textiles posts net profit of Rs 77 lakh

Century Textiles & Industries Ltd announced here today that it has posted a net profit of Rs 77 lakh for the quarter ended September 30, 2014 as compared to a net loss of Rs 31.61 crore for the quarter ended September 30, 2013.
Total income has increased to Rs 1,705.83 crore for the quarter ended September 30, 2014, from Rs 1,586.69 crore in the year-ago period, according to a company statement issued here today.
The company said that the Competition Commission of India (CCI) upheld the complaint of alleged cartelisation against cement manufacturing companies including Century Textiles. The CCI has imposed a penalty of Rs 274.02 crore.

The company has filed an appeal against the order before the Competition Appellate Tribunal (COMPAT), which granted a stay on the CCI order on condition that the company deposit 10 per cent of the penalty amounting to Rs 27.40 crore, the statement said.
Commenting on expansion plans, the company said that the expansion of Manikgarh Cement unit with an additional capacity of 2.80 million tonnes per annum has been completed and the unit has commenced production of cement during the month of September this year.
The company also appointed S K Jain as an additional director, who would function as an independent director on the company board. Jain would seek appointment as an independent director at the Annual General Meeting of the company, the statement said.