Century Textiles & Industries Ltd on Monday said it has posted a net loss of Rs 29.01 crore for the quarter ended June 30, 2015. Its net profit for the quarter ended June 30, 2014 stood at Rs 66.49 crore. Sales rose 5.59 percent to Rs 1,944.72 crore in the quarter ended June 2015 as against Rs 1,841.83 crore during the previous quarter ended June 2014, a company statement said.
The company said its textiles division clocked a turnover of Rs 445.32 crore in Q1 FY16 as against Rs 429.89 crore in the same period last year. Its cement division registered a sales of Rs 1,117.70 crore in June quarter of FY16 as compared to Rs 1,008.54 crore in the same period last year. The pulp and paper division sales increased from Rs 444.77 crore in Q1 FY 15 to Rs 461.96 crore in Q1FY 16.
The Competition Commission of India (CCI) had upheld the complaint of alleged cartelisation against cement manufacturing companies including Century Textiles. The CCI had imposed a penalty of Rs 274.02 crore on Century Textiles and the company has filed an appeal against the order before the Competition Appellate Tribunal (COMPAT), which granted stay on the CCI order on condition that the company deposit 10 percent of the penalty, amounting to Rs 27.40 crore. The company has deposited the same during 2013-14, it stated.
Backed by a legal opinion, the company believes that it has a good case and accordingly no provision for the same is considered necessary at this point of time, the company said.
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