Century Textiles: Disappointing performance - Views on News from Equitymaster

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Century Textiles: Disappointing performance

May 29, 2000

Century Textiles has posted a net profit of Rs 345 m for the year ended 31st December. However, the profits are largely on account of extraordinary income and alteration in other accounting practices (pertaining to depreciation largely).

(Rs m) FY1999 FY2000 Change
Net Sales 19,375 21,097 8.9%
Other Income 516 864 67.5%
Expenditure 17,555 19,332 10.1%
Operating Profit (EBDIT) 1,821 1,765 -3.1%
Operating Profit Margin (%) 9.4% 8.4%  
Interest (Net) 1,976 1,744 -11.7%
Depreciation 1,488 743 -50.0%
Profit before Tax (927) 208  
Other Adjustments 3 137  
Tax - -  
Profit after Tax/(Loss) (924) 345  
Net profit margin (%) -4.8% 1.6%  
Earnings per share - 3.71  

On the operating front, the company continues to post a disappointing performance. This is can be attributed to the company’s presence in a large number of commodity based businesses where it does not command a significant presence. However, the company is now aiming to focus on its textiles business.

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