Business Daily from THE HINDU group of publications
Monday, Jul 30, 2007
ePaper
Business Daily from THE HINDU group of publications Monday, Jul 30, 2007 ePaper |
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Corporate Results
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Textiles Arvind Mills Q1 net down
Our Bureau Mumbai, July 29 Arvind Mills Ltd reported a decrease of 13 per cent in its net profit for the first quarter ended June 30, 2007 to a little over Rs 5 crore against Rs 6 crore of the same period last year. The turnover increased by 44 per cent to Rs 510 crore against Rs 354 crore of the same quarter last year. The total income rose to Rs 515 crore, up by 43 per cent against Rs 359 crore. Commenting on the results, Mr Jayesh Shah, Chief Financial Officer, said, “the performance of the company has been affected by macro-economic factors like exchange rate and rising interest costs.” The appreciating rupee has impacted the performance of the company and even though the high margin erosion was recovered by the enhanced drawback rates, the overall impact was significant, said a company release. It added that the denim realisations have improved for the second consecutive year.
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