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MUMBAI: Castrol India Ltd has reported a 30 per cent drop in net profit for the third quarter ended December 31, 2004 at Rs 22.44 crore (Rs 32.20 crore).

Net sales for the quarter rose 7.5 per cent to Rs 352.63 crore (Rs 328.09 crore). Earnings per share was Rs 1.81 a share compared to Rs 2.80 a share last year.

The company incurred total operating and other expenses amounting to Rs 86.66 crore (Rs 85.90 crore) while interest and depreciation amounted to Rs 1.06 crore (Rs 49 lakh) and Rs 3.62 crore (Rs 3.65 crore).

Exceptional expenses from closure of its Ballabhgarh plant in Haryana included additional depreciation of Rs 10.71 crore, voluntary retirement scheme payments amounted to Rs 3.72 crore and plant closure expenses were at Rs 3.55 crore.

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