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Kolkata, Oct. 31 The board of directors of McNally Bharat Engineering Company Ltd at its meeting held on Friday resolved to consider proposed reconstruction of the company and its subsidiary, Sayaji Iron & Engineering Company Ltd, by transfer of the Product Division to the subsidiary pursuant to provisions of sections 391 and 394 of the Companies Act 1956. It might be noted that at an EGM held on October 19, the resolution relating to the change of name of the subsidiary to McNally Sayaji Engineering Ltd was passed.

Meanwhile, during the quarter ended September 30,2008, McNally Bharat posted an operating profit (EBIDTA) of Rs 19.09 crore as compared to Rs 8.83 crore in the same period of the previous year and a net profit of Rs 6.39 crore ( Rs 4.38 crore) on a higher income of Rs 205.61 crore (Rs 114.05 crore).

Cumulatively, during the six month period ended September 30,2008, total income at Rs 335.67 crore (Rs 227.21 crore) registered a growth of 48 per cent, the operating profit at Rs 29.43 crore (Rs 18.24 crore),a growth of 61 per cent and net profit of Rs 10.46 crore (Rs 8.76 crore) a growth of 19 per cent. The order book position as on September 30,2008, amounted to Rs 2666 crore, according to a press release.

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