Century Textiles reports net loss of Rs 4.90 cr in Q4 FY14

Century Textiles & Industries Ltd today reported a net loss of Rs 4.90 crore for the fourth quarter ended March 31, 2014.
The company had posted a net profit of Rs 17.95 crore for the quarter ended March 31, 2013.
Total income has increased from Rs 1,614.36 crore for the quarter ended March 31, 2013 to Rs 1,856.96 crore for the quarter ended March 31, 2014, a company statement said here.
The company has posted a net profit of Rs 2.72 crore for the year ended March 31, 2014 as compared to the net loss of Rs 34.49 crore for the year ended March 31, 2013. Total income has increased from Rs 5,976.37 crore for the year ended March 31, 2013 to Rs 6,694.18 crore for the year ended March 31, 2014.

The company's board of directors has recommended dividend of Rs 5.50 on equity shares of Rs 10 each.
The company said that the board of directors, after considering various fund raising proposals decided to issue to the promoters/promoter group/persons acting in concert 1,86,50,000 warrants on preferential basis fully convertible into equal number of equity shares of Rs 10 each, at a price to be determined in accordance with Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations.
The issue is subject to the consent of shareholders by passing a special resolution at an extra-ordinary general meeting to be convened on June 4 for this purpose.

Century Textiles also said that company's independent director Arvind C Dalal has resigned with effect from May 2 on account of health reasons. The company has appointed three additional directors Sarala Birla as Promoter/Woman Director, Yazdi P Dandiwala and Rajan A Dalal as independent directors.