Home / Knowledge / News / Textiles / Saif Textile Mills achieves 19.77% growth in the turnover
Saif Textile Mills achieves 19.77% growth in the turnover
07
May '08
It is my pleasure to present, on behalf of the Board of Directors, this report of your Company's performance for the nine months ended 31 March 2008.

Your Company has achieved 19.77% growth in the turnover against the corresponding period of the previous year.

Our Export sales have increased by 40.17% as compared, to corresponding period of the previous year:
• Gross profit margin has increased from 8.76% to 10.31% despite severe external pressures arising from the depressed market conditions, increase in energy cost with the shortage of electricity & gas and increased cost of raw material during the cotton season with the poor quality of cotton produced.
• Operating profit is Rs. 205.21 million as compared to Rs. 131.94 million for the corresponding period of last year.
• Profit before tax is Rs. 2.45 million as compared to a loss of Rs. 68.97 million for the corresponding period of last year.

Your company is not shielded from the difficulties that are affecting the profitability of the entire textile sector. The most crippling factor is the simultaneous shortage of electricity and natural gas, thereby undermining our ability to effectively utilize the installed captive power plant.

In addition, the following market conditions are also prevailing:
• Increase in the cost of inputs caused by the elevated price of petroleum products and natural gas.
• Major increase in cotton prices.
• Poor quality of cotton during the cotton season.
• Sudden increase in electricity tariffs of about 33%.
• Rising interest rates and financial charges.
• Domestic and regional political uncertainty.

The management is consistently focusing its efforts to increase exports in order to increase your company's efficiency and profit margins despite the challenges before us.

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X