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Spinning, value-added textile units record strong profits
19
Jul '10
During the first nine months of the last fiscal, financial results of the listed firms of the textile industry revealed that, both spinners and value-added textile units recorded healthy profits.

The myth that, mills with less than 25,000 spindles are not likely to post profits is absolutely false. In fact profits recorded are lined to improved management and efficiency.

For instance, Ata Textile Mills Limited, functioning with 44,000 spindles, earned the highest net profit of 21.85 percent of Rs 577.18 million. This was followed by Indus Dyeing and Manufacturing Company with 129,000 spindles with Rs 1.606 billion profits, indicating a growth in profit of 20.85 percent.

Standing eighth was JK Spinning with 16,368 spindles and net profit of 18.85 percent, whereas JA Textile Mills with 15,360 spindles announced gross profit of 7.62 percent and stood at the 48th position amidst 61 spinning mills, which were assessed.

After paying their taxes, Indus Dyeing and Manufacturing Company earned a total profit of 13.20 percent or Rs 1.025 billion. The firm was followed by Fazal Textile Mills, which recorded an overall profit of 12.17 percent ors 346.21 million.

Hence, of the 61 listed spinning mills, 48 declared their overall profit in the range of 13.20 – 20.28 percent, whereas 13 mills announced loss, which included three mills having over 70,000 spindles.

In the list of merged mills, Nishat Mills Limited, earned the highest net profit of 8.11 percent of Rs 1.810 billion, followed by Artistic Denim Mills, which earner 8.01 percent total profit or Rs 215.74 million. Sapphire Textile Mills Limited received a profit of 6.15 percent or Rs 637.96 million.

Of the 35 listed merged textile units, at the Karachi Stock Exchange, 27 announced profit in the first nine months of the last fiscal, while eight registered loss.

Fibre2Fashion News Desk - India

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