Arvind Mills Q1 net dips 85 pc

Mumbai, July 27 (UNI) Arvind Mills Ltd has posted a net profit of Rs 6.70 crore for the quarter ended June 30, 2006 as compared to Rs 45.09 crore for the quarter ended June 30, 2005, a decline of 85.14 per cent.

Announcing the results, the company said its total income has decreased from Rs 423.24 crore for the quarter ended June 30, 2005 to Rs 359.32 crore for the quarter ended June 30, 2006.

Commenting on the results, Mr Jayesh Shah, Chief Financial Officer and Director said,''The performance of the Company is severely affected by the downturn in the denim market, the Company is taking appropriate long term strategic actions to address the current situation and to protect the interests of all stakeholders.'' UNI SN PM SKB1631