Annual
results of Trent Limited
June 29, 2001
Trent Limited
held its board meeting on 29th June, 2001. The company’s total income for
the year ended 31st March, 2001 was Rs.66.13 crore, an increase of 13% over the
previous year.
Retail sales grew by 25% in a depressed
environment when overall growth in consumers’ spending was slowing down.
However, treasury income declined by over
40% in line with the fall in stock markets as also the reduction in yields of debt
instruments.
The company has achieved an operating
profit before interest, depreciation, income tax and provision for diminution in value of
long-term investment of Rs.17.05 crore (previous year Rs.17.40 crore).
Interest charges are Rs.0.02 crore (previous year Rs.0.31 crore), provision for
depreciation amounts to Rs.2.03 crore (previous year Rs.2.11 crore) and provision for
diminution in the value of long-term investment of Rs.5.00 crore (previous year NIL).
After deducting these charges and a provision for income tax amounting to Rs.0.02 crore
(previous year Rs.2.50 crore), the profit after tax amounts to Rs.10.17 crore (previous
year Rs.12.48 crore). The directors propose to transfer Rs.1.02 crore to general reserve,
leaving Rs.6.46 crore as balance in the profit and loss account.
During the current year, the company has
opened two new stores at New Delhi and Kolkatta. The second store in Delhi is expected to
open in the second half of the current year. The performance of the new stores have been
very encouraging with a good response from customers. Barring unforeseen circumstances,
the company plans to expand the number of stores in mini metros and smaller towns.
"The company has also launched a
loyalty programme called 'Club West', which offers various benefits to the
customers/members.
The board of directors has recommended a
dividend of Rs.6.00 per share on 1,31,17,764 equity shares of Rs.10 each for the year
ended 31st March, 2001.
The annual general meeting of the company
will be held on 27th August, 2001, to inter alia consider the accounts
for the year ended 31st March, 2001 and declare a dividend.
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