Arvind Mills net declines 85 per cent

New Delhi, July 27: Arvind Mills Ltd today registered a 85 per cent drop in its net profit at Rs 6.7 crore for the first quarter ended June 30, 2006 as compared to Rs 45.09 crore in the corresponding period last year.

''The performance of the company is severely affected by the downturn in the denim market. We are taking appropriate long term strategic actions to address the current situation and to protect the interests of all stakeholders,'' Chief Financial Officer and Director Jayesh Shah said.

The firm's total income decreased 15 per cent to Rs 359.32 crore for Q1FY07 from Rs 423.24 crore for Q1FY06.

UNI