Century may resume shipping business, expanding cement interests
Diversified Century Textiles & Industries Ltd plans to restart its shipping business, which it had shut down about eight years ago, due to a buoyant shipping industry.
"We had closed the business 7-8 years back due to market conditions. We are now considering restarting it," RK Dalmia, senior president at Century Textiles, told Reuters.
"We had sold all our vessels back then, so we do not have any vessels at present," he said.
Century, whose FY10 net grew 43% to Rs 339 crore on higher revenues, makes cement, denim, paper and yarn.
Its revenues and profits grew mainly due to the performance of its cement division, which
contributes 60% of total sales.
Cement profits grew 73% to INR830 crore in FY10, but losses at its textiles and pulp and paper businesses weighed down on overall gains.
Century is pumping in INR2025 crore to expand cement capacity to 12.5Mta by the end of calendar 2012 from 7.8Mt at present. Published under Cement News
