Precot Meridian Limited Announces Unaudited Standalone Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016
January 20, 2017 at 01:30 pm IST
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Precot Meridian Limited announced unaudited standalone earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company's net sales/income from operations was INR 1,639.1 million compared with INR 1,572.8 million a year ago. Loss from operations before other income, finance costs and exceptional items was INR 28.5 million compared with profit of INR 0.2 million a year ago. Profit from ordinary activities before tax was INR 127.4 million compared with loss of INR 74.4 million a year ago. Net profit was INR 127.4 million or INR 10.62 per basic and diluted share compared with net loss of INR 74.4 million or INR 6.20 per basic and diluted share a year ago.
For the nine months, the company's net sales/income from operations was INR 4,805.8 million compared with INR 4,949.2 million a year ago. Loss from operations before other income, finance costs and exceptional items was INR 17.2 million compared with INR 69.4 million a year ago. Profit from ordinary activities before tax was INR 59.3 million compared with loss of INR 319.7 million a year ago. Net profit was INR 59.3 million or INR 4.94 per basic and diluted share compared with net loss of INR 319.7 million or INR 26.64 per basic and diluted share a year ago.
Precot Limited is an India-based textile company, which is engaged in the manufacturing of yarn and technical textile products. The Company has cotton-based products that can be used in the manufacturing of cosmetic, personal hygiene, medical and cleaning products. Its hygiene products include cotton pads, cotton balls, exfoliating pads, cotton wool rolls and pleats, cotton spunlace rolls/tapes and absorbent cotton fibre. It produces a range of cotton yarns and threads that are suitable for weaving, knitting, crocheting, sewing and textile production. Its cotton products are exported to textile mills and cotton-based manufacturers across the world. It has approximately four spinning units and two dyeing units located in the four southern states of India. The Company has manufacturing units in Tamil Nadu, Kerala, Andhra Pradesh, and Karnataka with a total spinning capacity of approximately 163,000 spindles.