Mumbai: Pioneer Embroideries Ltd. has posted an impressive performance for the third quarter ended 31st December, 2003.

While total income for the quarter registered an increase of 12 per cent at Rs 27.72 crore against Rs.24. 65 crore, in the corresponding quarter last year, profit before tax was at Rs.3. 07 crore against Rs.2.66 crore, a 15 per cent growth over the corresponding period last year. The net profit after tax for the period increased by 14 per cent and stood at Rs 2.87 crore (Rs 2.51 crore last year).

For the nine month period ended 31st December, 2003, the total income stood at Rs.66.32 crore (Rs.63.31 crore) while the net profit after tax stood at Rs.6.24 crore (Rs.6.23 crore).

During the quarter, the scheme of amalgamation of Salzer Textiles Ltd and J.J. Textiles Ltd with Pioneer Embroideries was sanctioned by the Mumbai High Court. Pioneer Embroideries is sure to derive substantial benefits of economies of scale and streamlining of operations with this merger.

Pioneer Embroideries has its Hakoba branded retail outlets in Mumbai, Surat, Ahmedabad and Hyderabad. These have performed well and Pioneer''s retail thrust continues with the opening of new outlets in Coimbatore and Indore. By the end of this financial year, the company expects to have a total of ten showrooms under its fold.