Co-optex registers 18% growth in profit

20 Sep '11

2 min read

The Tamil Nadu Handloom Weavers' Co-operative Society, popularly called Co-optex, has registered an estimated net profit of Rs. 260 million during the fiscal 2010-11, up 18 percent from the Rs. 220 million earned in 2009-10.

According to the Department of Handloom and Textiles, Government of Tamil Nadu, the retail sales turnover for the last fiscal grew by 26 percent from 2009-10's Rs. 1.567 billion to Rs. 1.997 billion. This does not include sales made to refugees from Sri Lanka during 2009-10, but includes exports worth Rs. 18.1 million clocked during the last fiscal.

Co-optex, during the last fiscal, introduced 3,534 new designs and organized about 22 trade expositions, which tapped a total sales turnover of Rs. 27.4 million.

For fiscal 2011-12, Co-optex is planning to shift its focus on readymade shirts, churidars, home textile items and kurta materials.

At Kurinjipadi and Thiruvannamalai in Tamil Nadu, two major textile clusters are being developed at a total cost of Rs. 20 million, in addition to 10 mini clusters that are being developed with a total outlay of six million rupees per cluster.

The Central Government has also accorded its approval for a mega handloom cluster at Virudhunagar. Development of this cluster would involve an investment of Rs. 876.8 million, with Government of India allocating Rs. 700 million for the same and the State government bearing Rs. 88.4 million, while the rest Rs. 88.4 million would be contributed by the beneficiaries. The project would be developed over a span of five years.

Fibre2fashion News Desk - India

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