Reversing a loss from the previous year, textile and realty company Bombay Dyeing reported a surprise profit in the third quarter. This turnaround was primarily fueled by a one-time gain from a land sale and significant cost reductions.
The company recorded a consolidated net profit of Rs 30.54 billion as against a loss of Rs 1.01 billion it recorded last year. It expenses reduced by 39.4 per cent to 4.06 billion during the year. However, the company’s revenues from the Polyester segment declined by 11 per cent, leading to a 43.4 per cent drop in overall revenue from operations.
The Rs 38.81 billion one-time gain from land sale to Goisu Realty provided a significant boost to the company's bottom line. However, the company’s core business is still struggling, as evidenced by the decline in revenue from the polyester segment.