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Century Textiles swings to profit as demand rebounds
30
Jan '14
At a time when global economy is passing through a prolonged phase of uncertainty and the low growth along with the atmosphere of hesitancy being reflected in India, Mumbai-headquartered Century Textiles & Industries has reported remarkable performance in the third quarter ended December 31, 2013.
 
Engaged in manufacturing of diversified products viz. textiles including yarn, viscose filament yarn, cement and paper, the company swung to profit at Rs 1.58 crore for the third quarter ended December 31, 2013, helped by strong returns from textile segment which continued to remain a flagship business.
 
The company had posted the net loss of Rs 29.190 crore for the quarter ended December 31, 2012, Century Textiles & Industries said in a filing to Bombay Stock Exchange.
 
During the quarter under review, net sales of company rose by 7.84 per cent to Rs 1,639.330 crore, compared with Rs 1,520.1 crore in the year ago period. 
 
Incorporated in 1897, company’s total income increased by 7 per cent to Rs 1,645.90 crore as compared to Rs 1,527.7 crore for the quarter ended December 31, 2012. 
 
Segment wise, revenue from textiles division stood at Rs 410.60 crore, as against Rs 380.84 crore in the same period of the last fiscal. Adding to it, the company’s Q3 revenue from its pulp and paper division increased to Rs 467.74 crore last quarter, compared to Rs 345.73 crore of the corresponding period last year.
 
Good demand in the export market, increased production volumes, and stabilized cotton prices in international market have helped company to improve its revenue. However, high interest cost, ever increasing input costs, and reduced demand remained a key challenge for the company in fourth quarter.
 
Looking forward to the expected revival in the global economy and the improvement in domestic economy in tandem, in terms of increases in demand for and prices of its various products, the outlook for the company is expected to remain stable. Having competitive edge in terms of quality, designs and innovative products, the company expects much better performance in the coming years on the back of revival in the world economy including India.
 

Fibre2fashion News Desk - India

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