Mumbai, Oct 25: Century Textiles & Industries, the BK Birla group company, has plunged deeper into the red with net loss mounting to Rs 29.48 crore during the second quarter of the current financial year, as against a loss of Rs 24.77 crore in the corresponding period the same period last year.Net loss for the first six months was also higher at Rs 43.45 crore, as compared to a loss of Rs 38.58 crore last year.
Net sales during the second quarter rose marginally from Rs 486.27 crore to Rs 496.77 crore, while other income dipped from Rs 14.95 crore to Rs 14.84 crore during the period.
The other income for the corresponding period last year included a surplus on sale of ship aggregating to Rs 3.98 crore. Net sales during the first half increased to Rs 1,040.97 crore from Rs 988.71 crore last year.
"The profitability of the company during the second quarter has been adversely affected due to the general economic slowdown and recession. While the costs have been increasing, the selling prices, particularly of cement and viscose filament yarn, have not perceptiby improved," the company has said.
Total expenditure rose to Rs 458.92 crore in the second quarter from Rs 443.41 crore last year. The interest liability was, however, lower at Rs 48.50 crore as compared to Rs 52.19 crore last year.
Group company Birla Tyres, which is managed by a consortium of companies led by Century, contributed Rs 2.26 crore to the company's bottomlines during the second quarter.
During the same period last year, Century Textiles had received Rs 5.96 crore as share of profit from the tyre maker.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.