The Hindu Business Line : Century Tex net slips 78% to Rs 11.72 cr

HIGHER depreciation dragged down the net profit of Century Textiles and Industries Ltd by 78.27 per cent to Rs 11.72 crore (Rs 53.95 crore) for the financial year ended March 31, 2002.

Net sales for the year stood at Rs 2,197.01 crore (Rs 2,177.30 crore) while other income fell marginally to Rs 88.39 crore (Rs 89.80 crore). Sales include total exports of Rs 411 crore.

The board of directors has recommended a 15 per cent dividend for the year.

The company has provided full depreciation for the year as also arrears for the last year. As a result, depreciation was at Rs 140.42 crore (Rs 73.43 crore).

Net adjustments for earlier years include depreciation arrears of Rs 14.71 crore (Rs 6.87 crore) as per Union Government permission, a news release said.

Total expenditure for the year amounted to Rs 1,977.81 crore (Rs 1,930.63 crore). Interest payments for the fiscal reduced considerably to Rs 148.58 crore (Rs 188.81 crore).

The company has sought shareholders' permission for selling two ships and closing down its shipping division due to non-viability of running the operations with only two vessels, the release said.

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