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Hyderabad Jan. 30 Samkrg Pistons and Rings Ltd has suffered a drop in its net at Rs 89.83 lakh for the third quarter ended December 31, 2006 against a net profit of Rs 2.05 crore in the corresponding period of last year.

The net sales for the quarter under review were marginally higher at Rs 21.61 crore (Rs 21.27 crore). The EPS also dipped to Rs 3.66 (Rs 6.27).

The company attributed the fall in net profit to the decree by a Court of Tonno in Italy in favour of Tecumseh (Italy) in a case. Based on the liquidator proceedings, the court ordered a one-time settlement of around Rs 95.89 lakh. Hence, the profit came down to Rs 89.83 lakh, instead of Rs 185.72 lakh.

Despite the increase in net sales during the quarter, the profitability was lower in comparison to the earlier year's quarter due to increase in raw materials and other cost along with price pressure, the company release added.

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