BENGALURU, Jan 31 (Reuters) – Century Textiles and Industries Ltd (CNTY.NS) , the flagship company of India’s Aditya Birla Group, reported a 38% drop in third-quarter profit on Tuesday, due to weakness in its textile business and stagnant losses in its real estate unit. The company’s consolidated net profit fell to 87.2 million rupees ($1.1 million) in the three months ended Dec. 31 from 141.5 million rupees a year ago. Home textile business revenue at its textile unit Birla Century fell 9% to 2.50 billion rupees, accounting for about 22% of total revenue. The company said higher input prices led to sales volatility of garments and fabrics, adding that while demand in its domestic markets were stable, exports took a hit amid recessionary concerns. About three-quarters of the Mumbai-based company’s total revenue comes from its pulp and paper business, where sales rose 18.1% in the quarter. That helped consolidated sales increase nearly 10% to 11.50 billion rupees. Shares of the company fell sharply after the results were announced but were last up about 5%. While revenue in the Birla Estates business rose nearly 5% from a year ago due to new projects in Mumbai and Bengaluru, its loss widened […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
