The Hindu Business Line : Century net up; dividend at 20 pc

MUMBAI: Century Textiles & Industries Ltd has posted a net profit of Rs 44.62 crore for the quarter ended March 31, 2004, compared to Rs 18.22 crore for the quarter ended March 31, 2003. Total income increased to Rs 679.46 crore (Rs 607.33 crore).

For the year ended March 31, 2004, it posted net profit of Rs 76.59 crore compared to Rs 70.17 crore for the year ago period. Total Income increased to Rs 2,369.41 crore (Rs 2,285.28 crore).

The board has recommended a dividend of 20 per cent for the year ended March 31 subject to necessary approvals.

Century Textiles informed Bombay Stock Exchange that the board, at its meeting held on May 3, had decided to regulate the operations of the textile mill at Mumbai consistent with demand. It will reduce production gradually by 20-22 per cent, with 5 per cent plus or minus as against 1,650 looms presently in operation.

A 15 MW thermal power plant will be installed at Maihar Cement in Madhya Pradesh and will be commissioned in 2006-07.

A 6 MW power plant using LSHS / furnace oil is expected to be commissioned by the end of the current financial year at Century Yarn & Denim Divisions. Both captive power plants will reduce power costs. The company said the register and share transfer books will remain closed from July 2 to July 20 (both days inclusive) for the purpose of payment of dividend. The AGM is on July 20.