Kitex group registers 45% rise in net profit during 2011-12

0

Kochi: The Kochi based Kitex group has registered a 45% jump in their net profit of Rs.44 crore for the financial year 2011-12, up from Rs.30 crore for the last fiscal. The company also had a 40% growth in export turnover during the financial year ended March 31. The exports touched Rs.527 crore as against Rs.377 crore in the last financial year.

Kitex Garments Ltd., a BSE listed group company, with a turnover of Rs.318 crore in 2011-12 as against Rs.261 crore in the previous year has contributed the major share of the turnover. The 100 per cent export oriented company saw a net profit of Rs 27.12 crore compared to Rs 20.63 crore last year. The earnings per share has also seen a rise from Rs.4.34 to Rs.5.71.

According to Sabu M. Jacob, Managing Director, Kitex Garments, the Board has recommended a higher dividend of 60% as a result of the improved performance. It was 40% in the last financial year. Kitex is in the process of doubling its capacity and hopes to double its turnover also.

Kitex Children’s Wear Ltd., another group company has also contributed to the total turnover. The company recorded a turnover of Rs.209 crore during the last financial year as against Rs.115 crore in the previous year. The company plans to bring out children’s wear under its own brand name for the US and EU markets.

Anna Group’s weaving unit, Kitex Limited was established in 1975. The Company is engaged in the production of fabrics made of Cotton and other blends, Grey Cloth, Bed Sheets, White Dhothies and Lungies. Through the years, the company has carved a niche for itself with its tradition of world class quality.

Kerala Biz News

Share.

Comments are closed.