India`s Wadia-owned Bombay Dyeing posts Q3 profit on gain from land sale
Indian realty-to-textile company Bombay Dyeing and Manufacturing reported a profit in the third quarter on Thursday, aided by a one-off gain from a land sale and lower costs.
The Wadia Group-owned company reported a consolidated profit of 30.54 billion rupees ($368 million) in the three months to Dec. 31, compared to a loss of 1.01 billion rupees last year.
This was helped primarily by 38.81 billion rupees one-off gain from the sale of land to Goisu Realty during the quarter.
Total expenses fell by 39.4% to 4.60 billion rupees, largely due to a nearly 99% fall in inventories of finished goods, while its input costs also dropped 4.3%.
This helped the company to reduce its loss before exceptional item by 27.2% to 731.6 million rupees.
The Mumbai-based company's primary revenue-generating segment, polyester, which accounted for about 95% of its revenue, fell by 11%. This resulted in a 43.4% decline in its revenue from operations at 3.69 billion rupees.
Shares of the company dropped 1.5% ahead of the results.
($1 = 82.9620 Indian rupees)
