Financial Daily from THE HINDU group of publications
Tuesday, May 27, 2003
Financial Daily from THE HINDU group of publications Tuesday, May 27, 2003 |
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Corporate Results
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Textiles Yarn sales boost Super Spinning net 57 pc Our Bureau
COIMBATORE, May 26 SUPER Spinning Mills Ltd has recorded 57 per cent growth in its net profit to Rs 13.99 crore for the financial year ended March 31, 2003, compared to Rs 8.89 crore in the previous fiscal. The company has declared 50 per cent dividend for the shareholders as against 35 per cent in the previous year. Super Spinning's higher net profit for the year under review was achieved by a 15 per cent growth in the yarn sale, the company's core activity, increased receipts from garment business and a lower interest burden, according to Mr Sumanth Ramamurthi, Vice-Chairman and Managing Director, Super Spinning Mills. The company's audited financial results adopted in Monday's board meeting have shown a 5 per cent decrease in net sales for the year at Rs 281.02 crore as against Rs 295.57 crore last year. During the 2001-02 fiscal, Super Spinning's net sales included Rs 63 crore contributed by the cotton trade but it was reduced to Rs 12 crore in the just-concluded fiscal year. On the other hand, the company yarn sale and also the garment sale rose to Rs 269 crore from last year's Rs 233 crore.
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