Patspin India Ltd. Reports Unaudited Standalone Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014
January 31, 2015 at 04:32 am EST
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Patspin India Ltd. reported unaudited standalone earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported net sales/income from operations of INR 1,296.8 million compared to INR 1,721.0 million a year ago. Loss from operations before other income, finance cost and exceptional items was INR 2.6 million compared to profit from operations before other income, finance cost and exceptional items of INR 107.6 million a year ago. Loss from ordinary activities before tax was INR 73.7 million compared to profit from ordinary activities before tax of INR 23.9 million a year ago. Net loss for the period was INR 67.2 million or INR 2.20 per diluted share compared to net profit for the period of INR 15.4 million or INR 0.47 per diluted share a year ago. Profit before interest, depreciation, other income, exceptional items and tax was INR 29.1 million compared to INR 154.4 million a year ago.
For the nine months, the company reported net sales/income from operations of INR 3,943.1 million compared to INR 4,255.2 million a year ago. Profit from operations before other income, finance cost and exceptional items was INR 171.7 million compared to profit from operations before other income, finance cost and exceptional items of INR 273.1 million a year ago. Loss from ordinary activities before tax was INR 54.5 million compared to profit from ordinary activities before tax of INR 38.2 million a year ago. Net loss for the period was INR 54.5 million or INR 1.85 per diluted share compared to net profit for the period of INR 29.6 million or INR 0.87 per diluted share a year ago. Profit before interest, depreciation, other income, exceptional items and tax was INR 266.4 million compared to INR 415.9 million a year ago.
Patspin India Limited is an India-based company. The Company is engaged mainly in the business of the manufacture and export of combed cotton yarn. The Company operates through the Yarn Segment. Its products include ring spun yarns, wonder twist (Siro compact), slub yarns, knitted fabrics and Infiniti (compact). Its process of spinning includes ring spinning, compact spinning, and Siro compact spinning. The Company operates Kanjikode Plant, which has a capacity of 51,456 spindles, consisting of 38,448 Compact Spinning and 13,008 Ring Spinning, and also the capacity for value-added products, which are Gassing and Soft winding. The Kanjikode Plant is situated in Palakkad, Kerala. The Company's cotton yarn serves both overseas and in domestic markets.