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Ambika Cotton net down at Rs 69.89 lakh

COIMBATORE: In line with the general industry trend of rising input costs eroding the profitability, Ambika Cotton Mills Ltd has recorded a higher turnover but lower profit in the first quarter of the current fiscal.

Net profit fell to Rs 69.89 lakh in the first quarter of this year against Rs 1.66 crore in the same period last year.

Apart from rising cotton prices, the increase in fuel cost also has contributed to the sharp decline in net profit in the first quarter of 2001-02 compared to the corresponding period in the previous year.

While domestic sales only saw a marginal increase to reach Rs 2.66 crore (Rs 2.35 crore), export income went up to Rs 13.23 crore (Rs 11.11 crore). The total sales were Rs 15.89 crore (Rs 13.47 crore).

Consumption of raw material jumped to Rs 9.60 crore (Rs 7.05 crore). Staff cost too rose to Rs 51.85 lakh (Rs 34.74 lakh). Power and fuel cost moved up to Rs 2.30 crore (Rs 1.95 crore). Provision for taxation declined to Rs 2 lakh (Rs 8 lakh).

Earnings per share more than halved to Rs 1.40 (Rs 3.33). _ Our Bureau