Century Textiles reports Rs 36 crore net loss in Q1

Century Textiles & Industries reported consolidated net loss of Rs 36 crore in Q1 June 2020 compared with net profit of Rs 69 crore in Q1 June 2019.

On a consolidated basis, net sales slumped 54 per cent to Rs 393.86 crore in Q1 June 2020 over Q1 June 2019. Pre-tax loss stood at Rs 48.43 crore in Q1 June 2020 as against pre-tax profit of Rs 114.59 crore in Q1 June 2019. EBITDA tanked 84.29 per cent to Rs 30 crore in Q1 June 2020 as against Rs 191 crore in Q4 March 2020.

However, the company expects to see clear signs of revival from the second half of this financial year across businesses. All businesses have taken decisive steps to re-calibrate to the new normal. The textiles business achieved capacity utilisation of 50 per cent, mainly due to fulfillment of US export orders.