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GTN Textiles turnover jumps, but net declines
Ajit Kumar V
Coimbatore, July 3: GTN Textiles Ltd has reported a 16.40 per cent jump in turnover for 1999-2000 to Rs 200.51 crore against Rs 172.29 achieved during the previous financial year. However, the company's net profit slid to Rs 1.42 crore from Rs 4.06 crore earned during 1998-'99. The board has not recommended any final dividend. GTN had declared an interim dividend of 10 per cent earlier. While attributing the increase in turnover to sustained marketing efforts, the company pointed out that a drop in export realisation, an increase in power costs and losses incurred by yarn processing unit due to lower utilisation as reasons for slide in net profit.The depreciation provision for the year is higher at Rs 11.73 crore (Rs 9.83 crore). GTN commissioned additional 4,800 spindles at the Nagpur unit. It is in the process of installing balancing machineries in it's various units availing funds under the technology upgradation fund scheme. The company's EPS dropped to Rs 1.55 a share (Rs 4.44). Meanwhile, GTN co-promoted EOU Patspin India Ltd reported lower sales and net profit. The poor performance, is on account of loss of production for over three months due to labour unrest. Patspin earned only Rs 21 lakh (Rs 4.03 crore) net profit on a turnover of Rs 65.07 crore (Rs 82.49 crore) for 1999-2000. Interest for the year is at Rs 6.37 crore (Rs 9.06 crore) and depreciation provision at Rs 5.59 crore (Rs 5.93 crore). Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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