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LMW Chinese subsidiary to turn profitable
26
May '11
The Coimbatore-based Lakshmi Machine Works (LMW) expects its wholly owned China-based subsidiary LMW Textile Machinery (Suzhou) Co Ltd., to turn profitable in 2011-12.

LMW has already invested nearly US$ 5 million in its Chinese subsidiary which started its operations in September 2010. The company has announced that it will put a limit on its Chinese subsidiary at one million spindles per annum.

The textile machinery maker has reported net profit of Rs. 442 million for the fourth quarter of 2010-11 as against a profit of Rs. 306.8 million during the same period in 2009-10.

The company's total income during the quarter also rose to Rs. 5.39 billion from Rs. 3.63 billion in the same period a year ago.

During the current financial year, the company expects to make operating profit margins on account of recent increase in prices by 3 to 7.5 percent. This will enable the company to sustain its current 17-18 percent growth rate.

Rieter-LMW Machinery (RLM), a joint venture of LMW, has already turned profitable and LMW plans to turn it into a wholly owned subsidiary shortly, which its plans to fully acquire by June-July 2011.

Post-acquisition, LMW will be able to fully utilize RLM's capacity of one million ring frames.

Fibre2fashion News Desk - India

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