India-based Century Textiles and Industries, involved in the manufacturing of cotton textiles, yarn, denim, viscose filament rayon yarn, has witnessed a standalone net profit of Rs. 88.48 crore for the third quarter ended December 2018 as against Rs. 43.31 crore in the corresponding quarter of last year.
The company’s income for the quarter stood at Rs. 957.22 crore as compared to Rs. 1,033.46 crore in the similar quarter last fiscal. While total expenses stood at Rs. 820.36 crore.
Revenue from the textile business remained Rs. 199.69 crore.
However, the company has said its results for the quarter and the nine months “not comparable” with the corresponding periods.
As, in the previous FY, Century had contracted the right to run and operate the Viscose Filament Yarn business, to Grasim Industries for 15 years. Century Textiles received a royalty of Rs. 600 crore in return.
“The company is recognising royalty over the period of 15 years on pro-rata basis,” it added.
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