Business

R.M. Mohite textile business posts loss of Rs 76.01 lakh in Q3 2014

R.M. Mohite Industries Ltd, manufacturer of compact and open-end cotton yarns, has posted a net profit of Rs 106.06 lakh, during Q3 2014, 47.56% higher than in Q3 of CPLY. The spinner had posted a net profit of Rs 287.10 lakh in the second quarter of 2014. In its textile business, the company suffered a loss of Rs 76.01 lakh. The losses were much higher at Rs 225.47 lakh in Q3 2013. During Q2 2014, the company made a profit of Rs 130.30 lakh from its textile business.

Revenue from the textile business stood at Rs 4182.73 lakh during Q3 2014, compared to Rs 3470.17 lakh during Q3 2013. Revenue from textile business during the second quarter of 2014 was at Rs 5082.31 lakh. The poor performance during the third quarter is attributed to the depressed cotton market conditions, with cotton yarn prices falling by as much as 15-20%.