The Hindu Business Line : Sundram Fasteners net down

Chennai, June 6 A gain of Rs 13.15 crore could not prevent a slide in Sundram Fasteners’ net profit for 2007-08 as rising input costs gnawed away at margins and appreciation of the rupee against the dollar hit the company’s usually lucrative export sales.

While domestic sales, net of excise, rose 2.7 per cent to Rs 864 crore, exports fell 4.6 per cent to Rs 342 crore. On the overall, the company’s sales remained flat at Rs 1,207 crore, rising only Rs 6 crore over the previous year.

Rising cost of raw materials (mainly steel) and interest costs weighed profits down — net profit was down at Rs 69.48 crore from Rs 71.86 crore previously, despite a write back of Rs 1.99 crore of ‘provision made in the previous years and no longer required’.

The company’s board had paid two interim dividends of Rs 0.45 each on its Re 1 share. No final dividend has been recommended.

More Stories on : Automobile Components

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Sundram Fasteners net down

Karur Vysya Bank Q4 net up 33%, pays Rs 12