Arvind Mills Q2 net down to Rs 5.55 crore

Mumbai, Oct 31: Arvind Mills Ltd has posted a net profit of Rs 5.55 crore for the quarter ended September 30, 2006, as compared to Rs 37.19 crore for the quarter ended September 30, 2005.

Announcing the results, the company said its total income has decreased from Rs 432.74 crore for the quarter ended September 30, 2005, to Rs 393.77 crore for the quarter ended September 30, 2006.

Commenting on the results, Jayesh Shah, Chief Financial Officer and Director said, ''The earnings of the company continue to be impacted by the severe conditions in the Denim market, though the diversification and downstream businesses have provided a cushion but have not grown to a size to mitigate the downturn. We believe that in medium to long term all the efforts undertaken now will lead to substantial financial gain.''

UNI