India Century Enka FY net profit down on retirement charges

05 May 2004 01:31  [Source: ICIS news]

NEW DELHI (CNI)--Indian polyester maker Century Enka Ltd’s (CEL) net profit slipped 1.9% to Rs570m ($12.8m/Euro10.5m) in the financial year to 31 March 2004, due mostly to charges associated with the voluntary retirement of surplus staff.

The company recorded an exceptional expenditure of Rs59.7m on staff retirements in the period. It had no similar charges in the preceding year.

CEL’s net sales rose 8.5% to Rs8.12bn. Spending rose 9.5% to Rs6.95bn and operating profit increased by 3.2% to Rs1.17bn.

The company operates a manufacturing facility at Bharuch, Gujarat, with a total capacity to produce 110 000 tonne/year of partially oriented yarn (POY), polyester chips, nylon filament yarn and nylon chips.

The company is expanding its POY capacity by converting a substantial portion of its polyester chip capacity into POY. The Rs1.05bn project is expected to be onstream by year-end 2004.

CEL can also produce 12 000 tonne/year of nylon industrial yarn, nylon tyre cord fabric and polyester industrial yarn at Bhosari.

By: Naresh Minocha
+65 6780 4359

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