Century Textiles announces NP high at Rs 279 cr for FY 2008

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Mumbai, May 5 (UNI) Century Textiles and Industries Ltd has posted a net profit after tax of Rs 279.4 crore for the year ended March 31, as compared to Rs 272.8 crore for the corresponding period last year.

The company's total income has increased to Rs 3,512.7 crore for the year ended March 31 this year against Rs 3,214.8 crore the last fiscal.

The Board of Directors has recommended a dividend at the rate of 45 per cent on the paid-up equity capital of the company for the year ended March 31, as compared to 37.5 per cent in the previous year.

During the year, the company's total exports including the net sales were up by about eight per cent to Rs 292 crore agaist the previous year.

The company has introduced Voluntary Retirement Scheme (VRS) at its textile unit at Worli in Central Mumbai in November 2006, pursuant to which more than 95 per cent of the workers and staff opted for it. The unit has since been closed down with effect from January 12, pursuant to the Maharashtra governemnt's approval for closure of the mills under the Industrial Desputes Act 1947. Out of the remaining 275 workers, 82 have challenged the decision and the matter has been pending before the Industrial Tribunal here, a Century Textiles release said here.

The company has decided to develope the available mill land at Worli for commerical purposes. To obtain the opitmum benefit, it intends to use the land for the purpose of hospitality services, information technology and other commerical purposes, subject to various permissions and approvals, which will be obtained in due course. The construction work can commence only after all permissions and approvals are in place.

The project work for setting up a new textile mill as a seperate division of the company, named as ''Birla Century'' at Jhagadia in Bharuch distric of Gujarat, is at an advanced stage and is expected to be commissioned by about June this year as per schedule. The mill is slated to house about 300 looms and one lakh spindles for a manufacturing capacity of about 25 million metres of fabrics per annum. The plant will also equipped with a gas-based captive power plant of 30 Mega Watt, the release added.

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