• PAGE ONE
• INDEX
• HOME

Arvind Mills posts Rs 271 cr net loss

AHMEDABAD: Arvind Mills Ltd (AML) has seen its bottomline plunge to a net loss position of Rs. 271.43 crores during 1999-00 against a net profit of Rs. 14.47 crores in 1998-99. This poor performance came on an enhanced net sales of Rs. 1,215.97 crores wh ich went up from Rs. 906.38 crores in the previous year. The other income was at Rs. 35.23 crores (Rs. 45.68 crores).

The major dent in the bottomline came from interest and finance costs, which together, was pegged at Rs. 264.33 crores, a significant rise from Rs. 41.16 crores last year. Depreciation also rose to Rs. 165. 15 crores (Rs. 82.17 crores). Meanwhile, the ea rnings from exports for AML went up to Rs. 579.60 crores (Rs. 406.59 crores).

While the textile company's total expenditure was put at Rs. 1137.39 crores, up from Rs. 814.26 crores, this was divided into decrease in stocks -- Rs. 40.57 crores, consumption of raw materials and finished goods purchased -- Rs. 561.06 crores, staff cost -- Rs. 83.03 crores and other expenditure -- Rs. 452.73 crores.

The company's reserves excluding revaluation reserve for the period under review stood at Rs. 720.96 crores, down from Rs. 992.80 crores last year. The EPS was put at a negative Rs. 26.99 against Rs. 1.44 in 1998-99. The company has noted that Rs. 30 cro res, from the total consideration of Rs. 189.81 crores received for the sale of Arvind's readymade brands to Arvind Brand Ltd, has been included in operating income as know-how fees and the balance has been treated as extra-ordinary items. --Our Bureau