Bombay Dyeing & Manufacturing Company Ltd has announced the following Audited results for the quarter & year ended March 31, 2007:
The results for the Quarter ended March 31, 2007
The Company has posted a net profit of Rs 37.00 million for the quarter ended March 31, 2007 as compared to net loss of Rs 74.00 million for the quarter ended March 31, 2006. Total Income (net of Excise) has decreased from Rs 2188.50 million for the quarter ended March 31, 2006 to Rs 1515.80 million for the quarter ended March 31, 2007.
The results for the Year ended March 31, 2007
The Company has posted a net profit of Rs 359.30 million for the year ended March 31, 2007 as compared to Rs 613.40 million for the year ended March 31, 2006. Total Income (net of Excise) has decreased from Rs 10341.40 million for the year ended March 31, 2006 to Rs 5264.00 million for the year ended March 31, 2007.
Bombay Dyeing & Manufacturing Company Ltd has informed BSE about the following:
The Polyester Staple Fibre (PSF) plant is currently undergoing trial runs and the Textile Processing facility at Ranjangaon is expected to commence trial production in the next 2/3 months.
While the domestic market for Textiles is showing reasonable growth, oversupply and fierce competition have characterized the export business. The commencement of the new Textile processing facility at Ranjangaon is expected to mitigate to a large extent the cost disadvantages faced by the Textile Division at its current location in Mumbai.
The Polyester intermediates market is currently experiencing substantial volatility with large swing in crude oil prices, mismatches of supply and demand in raw materials and strengthening of the Indian Rupee. While this will affect the division's performance in the immediate future, the institution of cost saving measures and diversification in high value fibre business is expected to substantially reduce the adverse impact.
The mixed use real estate developments at Spring Mills, Dadar and Textile Mills, Worli have commenced. The initial development phase at Spring Mills, Dadar comprising the Residential Tower, Shopping Centre and Commercial Offices has commenced. The majority of the residential apartments under construction have already been sold. Construction activity at the Worli Project has also commenced and the initial phase includes Commercial Offices and a Shopping Centre. The initial phases at both the Dadar and Worli locations are expected to progressively be completed over the next three years.
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