Business Daily from THE HINDU group of publications
Wednesday, Jul 30, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Jul 30, 2008 ePaper | Mobile/PDA Version | Audio |
|
|
|
|
|
Corporate Results
-
HCV/LCV/Tractors Web Extras - Outlook Ashok Leyland Q1 net down on mark-to-market losses Our Bureau Chennai, July 29 Ashok Leyland has reported a net profit of Rs 50.6 crore for the quarter ended June 2008, compared with Rs 88.2 crore for the corresponding quarter last year, mainly because of adverse movement of the exchange rate. As the rupee depreciates, the company’s liability for repayment of foreign currency loans increases in rupee terms. This increase, or mark-to-market, caused a Rs 34-crore dent in the profits for the quarter. In the corresponding quarter of last year, there was a mark-to-market gain of Rs 19.7 crore, as the rupee appreciated against the dollar. Despite almost flat sales of vehicles, Ashok Leyland reported a 16.2 per cent increase in turnover to Rs 1,884 crore (Rs 1,621 crore) because of “a substantial increase” in engines and spare parts businesses. Sales of vehicles were 18,425 units (18,163 units) with domestic volume at 17,145 units (16,739 units) and international operations contributing 1,280 units (1,424 units). Financial expenses dropped by 16.4 per cent to Rs 10.7 crore as against Rs 12.8 crore during the corresponding period in the previous year.
“The spiralling interest rates and inadequate finance availability for new vehicle purchases have affected the sentiment in the vehicles market. However, nothing has changed in our optimism for the medium and long term. Therefore, we are proceeding with our investment plans,” Mr R. Seshasayee, Managing Director, Ashok Leyland, said in a press release. Ashok Leyland to develop new range of trucks by 2012 Ashok Leyland sales dip Ashok Leyland Q1 net up 27% at Rs 88 cr More Stories on : HCV/LCV/Tractors | Outlook
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|