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Our Bureau

New Delhi, Jan 24 Transport Corporation of India Ltd (TCIL) recorded a lower net profit of Rs 2.28 crore for the quarter ended December 31, 2007 against Rs 8.02 crore for the corresponding period last year , on a standalone basis.

According to information posted on BSE, the company recorded net sales of Rs 309.5 crore for the third quarter this fiscal (Rs 277.9 crore).

Speaking on the company’s performance, Mr D.P. Agarwal, Vice-Chairman & Managing Director, TCI, stated in a release: “While the overall business has grown over the last few months, the PAT for nine months has shown a decline by 40 per cent at Rs 12.78 crore against Rs 21.15 crore during the nine months of 2006-07. This is primarily attributed to higher depreciation and interest on a new ship added during March 2007.”

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