Bombay Dyeing & Manufacturing Company Ltd has informed BSE regarding a Press Release related to Financial Results for the year ended March 31, 2008.
Manufacturers of projectile and airjet loom woven, greige, bleached, yarn and piece dyed, and printed dobby and fine count fabrics for bedding applications.
The turnover of the Company has gone up from Rs.536 crores to Rs.1014 crores. However, the net profit has come down from Rs.36 crores to Rs.17 crores. This is mainly due to the appreciation of the rupee affecting the exports of textiles and higher raw material prices and over supply situation in the domestic PSF market.
The finance cost has gone up substantially with Ranjangaon processing plant and PSF plant commencing commercial operations during the year and also on account of hardening of interest rates.
The commercial production of the State of the Art processing unit at Ranjangaon has commenced in the last quarter of the current year. The Company has opened 14 new showrooms and also upgraded and renovated 12 franchise stores during this year. The domestic market for textiles is showing good growth, but the export business has been affected due to fierce international competition and rupee appreciation.
The PSF plant went into commercial production from 1st October 2007. The PTA facility has been tied-up for PTA as feedstock. Major portion of the DMT plant equipment has been disposed. The PSF market in India is currently facing an oversupply situation while raw material price has gone up substantially. This position is likely to continue for some more time.
The construction of the residential tower at our Spring Mills is progressing and most of the apartments have been sold. The demand for the good residential properties still remains firm. Construction of commercial buildings at our Worli location has also commenced. However, steep increase in the prices of steel and cement has been causing concern. M/s. Larsen & Toubro Ltd. will take overall responsibility for the construction.
The Board has recommended a dividend of Rs.3.50 per equity share of Rs.10/- each for the year ended 31st March, 2008. The Annual General Meeting is scheduled on Wednesday, 27th August, 2008 at 3.45 pm.
Bombay Dyeing & Manufacturing Company Ltd
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