Aarvee Denims and Exports Limited has registered a net profit after tax of Rs4.19 crores for the quarter ended June 30, 2006 compared to Rs8.45 crores in April-June 2005.
According to the unaudited financial results, the net profit was on a sales income of Rs55.14 crores during the first quarter. Last year in the same period, its income had totalled Rs64.96 crores.
The decline in the top line and bottom line is attributed to the fall in per meter average realisation from Rs90/- to Rs84–85/- due to current mismatch in demand and supply of denim fabric.
The company has reworked its business strategy and has converted 25 percent of its fabric production to non denim fabric for bottom weights.
From the present garmenting capacity of 2500 pieces/day, the company has planned production of 10000 pieces/day by January 2007.
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