Business

Madura Coats net loss at Rs. 60.6 cr.

MUMBAI FEB. 19. Madura Coats has posted a net loss of Rs. 60.60 crores in the year ended December 31, 2001 against a net profit of Rs. 114.67 crores in the previous fiscal.

The directors have recommended a dividend of 50 paisa per share, the company informed the Bombay Stock Exchange today.

Total income, net of excise, in the reporting fiscal has also declined to Rs. 688.39 crores from Rs. 765.01 crores, it said.

For the fourth quarter ended December 2001, it reported a net loss of Rs. 18.99 crores (Rs. 8.83 crores) while total income stood at Rs. 190.94 crores (Rs. 210.51 crores).

Board approves buy-back

The board of the company has approved the proposal for a buy-back of 1.47 crore shares at a price not exceeding Rs. 27 per share even as it decided to delist itself from four regional stock exchanges.

The board also approved an in-principle amalgamation of Kor Investments, Vaigai Investments and Madura Agro Industries with Madura Coats, the company said. — PTI

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