The Hindu Business Line : Bombay Dyeing back in black; to pay Rs 3

BOMBAY Dyeing & Manufacturing Company Ltd is back in the black by registering a net profit of Rs 32.31 crore for the year ended March 31, 2003 compared to a net loss of Rs 29.06 crore for the previous year.

Total income (inclusive of other income and net of excise) rose to Rs 897.74 crore over Rs. 828.81 crore in 2002-03, an increase of 8.31 per cent.

The board of directors has proposed to pay a dividend of Rs 3 per equity share.

However, the company posted a net loss of Rs 1.1 crore for the fourth quarter of the year, compared to net profit of Rs 7.95 crore in the corresponding previous quarter.

According to a release, this was because of "a sharp drop in the prices of paraxylene (used in the manufacture of DMT) in March-April. The closing inventory was written down to the extent of Rs 7.72 crore. A provision of Rs 12.86 crore had to be made for a contingent loss on a firm purchase contract for the import of paraxylene entered into in March 2003. The financial results for the DMT division for the fourth quarter, as also for 2002-03, have been adversely impacted due to this effect."

Total income (including other income and net of excise) increased to Rs 226.35 crore in the fourth quarter, over Rs 197 crore earlier.

The company has appointed Mr S. Ragothaman as Additional Director.

It has also approved the proposal to seek voluntary delisting of the company's equity shares from the stock exchanges at Delhi, Kolkata and Chennai, subject to shareholder approval at the annual general meeting scheduled for July 30.

Though the DMT business experienced considerable volatility in the first quarter of the current year, due to the instability in West Asia and its impact on oil prices, normalcy is expected to be restored in the second quarter.

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Bombay Dyeing back in black; to pay Rs 3