For the quarter ended June 2015 Gokak Textiles reported a net loss of Rs 8.36 crores as against a net loss of Rs 9.22 crores during the previous quarter ended June 2014. Sales declined 5.98 per cent to Rs 81.37 crores in the quarter ended June 2015 as against Rs 86.55 crores during the previous quarter ended June 2014.

Established In 1885, but modernised over the decades, Gokak Textiles is a manufacturer of cotton yarn and knitwear. It set the pace by first developing yarns for handlooms, then tyre cords and industrial yarns, next weaving and knitting yarns and today it caters to worldwide markets for quality yarns.

The company offers cotton yarn, blended yarn, industrial fabrics, terry towels, T-shirts, polos, undergarments and sweaters. The company’s products include socks, home furnishing, industrial and customized yarns. Its canvas products include tents, tarpaulins and animal and agriculture covers.

Gokak’s product is accepted in more than 35 countries worldwide. Approximately 50 per cent of the output is exported directly. At a meeting held on July 28, 2015, Gokak Textiles decided to issue non-cumulative, non-convertible, redeemable preference shares of Rs 10 each, aggregating to Rs 20 crores on private placement basis. It was decided not to seek listing of the proposed issue of preference shares.