India Textile And Garment Enterprises 2012 Decline In Performance, Loss
According to the India Textile Alliance industry (CITI) report, the prices of cotton and cotton yarns in India and the global market fluctuated sharply, leading to textile and Clothing enterprise The inventory level has changed, some of which have incurred losses in the 2011-12 fiscal year. Net loss during the review period textile And the number of garment companies increased to 130, compared with 53 companies in the same period 2010-11.
according to India textile Alliance industry (CITI) reported that sharp fluctuations in cotton and cotton yarn prices in India and global markets led to changes in inventory levels in textile and garment enterprises, some of which suffered losses in the 2011-12 fiscal year.
During the six months from October 2010 to March 2011, cotton prices rose from 34000 rupees / candy (356 kg) to 63000 rupees / candy. Then, in the first quarter of 2011-12, prices plummeted to the level of October 2010.
CITI Secretary General Mr. DK Nair said: "on the one hand, the roller coaster has led to fluctuations in prices of cotton and other fibers in domestic and international markets. On the other hand, the price of yarn and other textiles has led to huge losses in industrial working capital and destruction of market demand."
The performance data of the 234 BSE listed textile and garment companies compiled by the India Economic Monitoring Center (CMIE) in the first three quarters of fiscal year 2011-12 showed that 175 of 234 textile and clothing companies declined in April 2011, compared with the same period last fiscal year.
During the period of review, the number of net loss textiles and clothing companies increased to 130, compared with 53 of the 2010-11 companies in the same period.
In the first three quarters of 2010-11, the total net profit of 234 BSE listed companies was 18 billion 500 million rupees. But these companies lost a net loss of 7 billion 342 million rupees in the first 9 months of last year.
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