Aarvee Denims declares 5 % interim dividend

Ahmedabad, Oct 18 (UNI) Aarvee Denims and Exports Limited (ADEL), India's second largest manufacturer of Denim fabric has declared intrim dividend of five per cent to its shareholders.

Mr Ashish Shah, managing director of ADEL, told reporters here today that encouraged by the performance, the board of the Company, which approved the second quarter results, has declared the interim dividend of five per cent for its shareholders.

Mr Shah said, the ADEL has re-defined its business strategy to reduce dependency on one product by diversifying aggressively into non-denims like gabardine for trousers and ready-made garments. It has also made a foray into becoming the epitome of garmenting business with the launch of its own brand ADEN.

He said, the ADEN collections are of international fashion, latest designs and eye-catching styles all woven into one. They symbolise youthful exuberance. Uniquely stitched ADEN has a classic look lending radiance to the festive season.

The Company's current garmenting capacity will cater to ADEN and make Pantaloons' B.A.R.E. brand's product. To grow in garment business, the company is setting up a new 25,000 per day garmenting facility which will be operational by March, 2007, he said.

These actions constituting Aarvee's prompt response to counter depressed market conditions in the textiles industry have paid-off and are amply reflected in the company's second quarter results for the current fiscal putting it back on the growth mode.

According to un-audited results for the quarter ended on September 30, 2006, the company's income from sales including exports and from wind farms for the period July-September has totalled Rs 68.04 crores. While the Company's income for the same quarter was Rs 78.20 crore, Mr Shah added.

UNI MP PM SKB1735