The Hindu Business Line : MRO-TEK net profit down 25% in Q4

MRO-TEK has reported a 40 per cent decline in its net profit and a 20 per cent decline in revenues for the year-ended March 31, 2007 over the previous year.

MRO-TEK clocked a net profit of Rs 10.72 crore (Rs 17.66 crore) on total revenues of Rs 115 crore (Rs 144 crore) for fiscal 2006-07.

For the fourth quarter-ended March 31, 2007, MRO-TEK's profits dropped by about 25 per cent to Rs 3.53 crore (Rs 4.72 crore for same period last year) while its revenues grew marginally to Rs 32.06 crore (Rs 31.31 crore).

The company declared a final dividend of Rs 1 per share (20 per cent on par value of Rs 5) in addition to the interim dividend of Rs 1 per share disbursed in February 2007. MRO-TEK shares closed lower by 4.38 per cent on the BSE at Rs 46.95 on Wednesday.

The MRO-TEK management attributed the decline in sales revenue and profits to the pressing market situation. While the year brought a lot of optimism, the business changed because of the pricing pressure, the Company's Chairman and Managing Director, Mr S. Nayaranan, said.

"We recognised the fact that our top line growth would suffer/take a setback, and had to make a conscious decision to change the pricing strategy," he said.

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