Arvind Mills net profit declines 35 percent
Thursday, 31 July 2008, 07:00 Hrs
Mumbai: Textile manufacturer Arvind Mills announced a net profit of 40 million during the first quarter this fiscal year, compared to 60 million in the same period the previous year, a decline of 35 percent. For the latest quarter ending June 30, the total income increased to 5.45 billion from 5.15 billion in the corresponding quarter last year, recording a growth of six percent. "We are passing through one of the most challenging periods in the recent past as we are in unique competitive landscape where the costs are escalating at an unprecedented pace," Arvind mills director and chief financial officer Jayesh Shah said.