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GTN Tex net down at Rs 1.42 crores

COIMBATORE: Kerala-based GTN Textiles Ltd has reported a drop in its gross and net profit though the income from operations has gone up by 16 per cent during the financial year ended March 31, 2000.

GTN, which had declared 10 per cent interim dividend, has not recommended final dividend for 1999-2000.

According to audited financial results, the operating profit for the year marginally declined to Rs. 28.42 crores as against Rs. 29.93 crores registered in the previous fiscal year ended March 31, 1999 and its net profit slumped to Rs. 1.42 crores (Rs. 4 .06 crores).

Net sales plus other income went up to Rs. 202.51 crores (Rs. 174.57 crores).

According to the company, the erosion in profit was the result of steep hike in electricity, loss of production due to labour unrest at its Alwaye unit as well in the yarn processing division in Andhra Pradesh.

The expenditure was higher at Rs. 174.09 crores (Rs. 144.64 crores). While expenditure on raw material consumed was Rs. 95.12 crores (Rs. 83.95 crores), power and fuel charges amounted to Rs. 22.26 crores (Rs. 18.14 crores).

Staff cost stood at Rs. 15.78 crores (Rs. 14.68 crores) and interest charges were marginally lower at Rs. 15.27 crores (Rs. 15.92 crores).

The company has provided for higher depreciation at Rs. 11.73 crores (Rs. 9.83 crores).

Patspin net slides

Patspin India Ltd, the 100 per cent export-oriented unit of GTN group, has reported decline in its sales turnover, operating and net profit for the financial year ended March 31, 2000.

The company's net sales fell by Rs. 17.42 crores to Rs. 65.07 crores (Rs. 82.49 crores).

Expenditure was at Rs. 52.92 crores (Rs. 63.48 crores) and operating profit before interest slid to Rs. 12.17 crores (Rs. 19.03 crores).

Interest and depreciation charges were lower at Rs. 6.37 crores (Rs. 9.06 crores) and Rs. 5.59 crores (Rs.5.93 crore) respectively. With nil provision for taxation, net profit fell to Rs. 21 lakhs (Rs. 4.03 crores).

The company's performance during the year was affected by labour unrest that lasted for more than three months. -- Our Bureau