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Aarvee Denims registers 890% rise in net profit
02
Jun '10
A recovered export market and rising local orders has led to an enormous 890 percent increase in the overall profit of Ahmedabad-based, Aarvee Denims & Exports Limited (ADEL), for the fiscal ended 2009-10.

The audited financial results for the quarter that ended on March 31 was declared during the company's board meeting held last month.

Other than registering a huge increase in its overall profits from Rs 23.2 million in fiscal 2008-09 to Rs 229.7 million in 2009-10, the operating and sales earning for the year was also high and stood at Rs 3.78 billion, a hike of 16 percent from Rs 3.25 billion that was registered in 2008-09.

For the fiscal 2009-10, the firm has announced a final dividend at 5 percent on paid up equity shares. More so, the average dividend for the entire year comes to 10 percent, including, dividend of 5 percent that, was announced and paid during the year.

With the approval received from RBI, during the year, ADEL fetched back zero coupon foreign currency convertible bonds (FCCBs) at a discounted face value of US $7.50 million, out of the total FCCB of $20 million.

After fetching back FCCB and with the early release of preference shares, ADEL managed to reduce its long-pending debt by almost 35 percent.

Aarvee is the second largest denim fabric producers of the country with an in-built capacity of almost 60 million metres.

The company also produces and markets apparels under the brand name, De Extrase, through its 75 exclusive retail outlets pan-India.

Fibre2Fashion News Desk - India

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