No fresh investment in Century EnkaJune 28th, 2008 - 4:51 pm ICT by IANS
Kolkata, June 28 (IANS) Century Enka Ltd, a B.K. Birla group company that saw its net profits dipping in 2007-08, will do appreciably well after two years, company chairman B.K. Birla said here Saturday while ruling out further investment in the near future. “After two years, the company is expected to witness appreciable improvement,” Birla said on the sidelines of the company’s annual general meeting.
He said he was optimistic about the future of Century Enka, but added: “There will be no further investment unless the company starts making a bigger profit.”
Century Enka posted a net profit of Rs.1.34 million in the last fiscal, compared to Rs.1.67 million the preceding year.
The company has three subsidiaries - Century Enka Ltd in Pune, Konkan Synthetic Fibres in Mahad, Maharashtra, and Rajashree Polyfil in Bharuch, Gujrat - producing nylon, polyester filament yarns and industrial yarns, apart from tyre cord fabric.
Century Enka director G.M. Singhvi said the company would focus on controlling energy costs in the wake of spiralling global crude price. “We are looking at alternative energy sources like biofuels,” he said.
Century Enka spent Rs 1.17 billion on energy last fiscal. It has also announced a dividend of Rs.5 per equity share of Rs.10 each.
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