Century Textiles, Century Enka, CFL quarterly results

Century Textiles profit at Rs 94 cr

Century Textiles & Industries posted a net profit of Rs 94.36 crore for the quarter ended March 31, compared with Rs 25.21 crore for the corresponding quarter last year. The total income (net of excise) of the company was Rs 907.10 crore for the fourth quarter ended March 31, whereas the same was Rs 727.80 crore a year ago, Century Textiles informed the Bombay Stock Exchange.

For the year ended March 31, the company reported a net profit of Rs 272.81 crore, compared with Rs 109.05 crore last year, and a total income (net of excise) of Rs 3,214.80 crore, compared with Rs 2,637.54 crore in the year-ago period. As a result of virtual cessation of manufacturing operations at the textile mill at Worli, the results for the quarter and for the year ended March 31, 2007, were both not comparable with those of the previous corresponding periods, the company said.

The board of directors at its meeting today decided to treat the interim dividend of Rs 37.50 paid on March 21, 2007 as the final dividend.This dividend was paid to those who were shareholders of the company on March 21, being the record date fixed for the purpose, and the same is treated as the final dividend for the year 2006-07. The final dividend in the previous year was 30 per cent on the paid up equity share capital. The shares of the company were trading at Rs 620.25, up 1.89 per cent on the BSE.

Century Enka net dips 62%

B K Birla group company Century Enka posted 62.29 per cent decline in net profit at Rs 1.38 crore for the quarter ended March 31, compared with Rs 3.66 crore for the same quarter last year. Total income (net of excise) decreased 5.41 per cent to Rs 247.83 crore, from Rs 262.02 crore for the corresponding quarter a year ago, the company informed the Bombay Stock Exchange. The board of the company at its meeting today has declared a dividend of Rs 6 per equity share for the year ended March 31, (previous year Rs 6 per equity share). For the year ended March 31, the company recorded a net profit of Rs 16.72 crore compared with Rs 17.59 crore in the year-ago period. Total income (net of excise) decreased to Rs 998.57 crore for the year compared with Rs 1,005.03 crore in the period under consideration last year.

CFL bottom line at Rs 100.74 cr

Coromandel Fertilizers (CFL) has announced 21 per cent increase in profit after tax to Rs 100.74 crore for the year ended March 31, 2007, from Rs 83.55 crore in the previous year. The company stated that during the year, it had achieved a net sales of Rs 2,065.49 crore, an increase of 12 per cent over Rs 1,846.91 crore registered last year.

The company attributed its turnover crossing the Rs 2,000-crore mark in 2006-07 to higher production and sales volumes, improved operational efficiencies on the energy front, and reduction in conversion and distribution costs. The financing costs of operations was higher in 2006-07 mainly due to the delay in settlement of subsidy dues by the government of India, thereby, leading to an increase in working capital borrowings.

The high courts of Andhra Pradesh and Bombay have sanctioned the amalgamation of Ficom Organics and its wholly-owned subsidiary Rasilah Investments with the company. During 2006-07, CFL acquired 8,001,000 shares, representing 25 per cent of the equity capital of Godavari Fertilizers and Chemicals (GFCL) from the Indian Farmers Fertilizers Cooperative. It also acquired 1,551,960 equity shares of GFCL, representing 4.85 per cent of the paid-up equity capital from the shareholders through an open offer. With this, CFL's stake in GFCL has increased to 74.92 per cent.