Lakshmi Machine Works Limited, a leading textile machinery manufacturer in India and one among the three in the world to produce the entire range of spinning machinery, has posted a sharp decline in its net income as well as profit during the second quarter of the current financial year 2012-13.
The company’s total income during July-September period stood at Rs. 4.696 billion, about Rs. 1.02 billion less than the Rs. 5.715 billion income earned during the corresponding period of previous fiscal.
Similarly, net profit of the company declined sharply to Rs. 306.4 million in the second quarter of 2012-13, compared to net profit of Rs. 492.3 million registered during the same period of last fiscal.
The textile machinery division, which accounts for the major part of LMW’s sales, also showed a drop in sales to Rs. 4.07 billion, much lower than the Rs. 4.95 billion achieved during the corresponding quarter last year.
Accordingly, the profit of the textile machinery division fell to Rs. 333.8 million compared to profit of Rs. 549.6 million made during the corresponding quarter of 2011-12.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=117205
