2/15/2010
NEWS BRIEFS
Sundram Fastener Exports Drop
Sundram Fasteners Ltd. reported domestic sales rose 6.7% to INR 730.86 crores for the 9 months ended December 31, 2009.
Export sales declined 31% to INR 242.71 crores, hurt by “the continuing recessionary trends in the global automotive industry.”
Total nine-month sales dropped 6% to INR 975.04 crores, with gross profit slipping 9.3% to INR 133.26 crores.
“Margins were under pressure due to increase in cost of raw materials, manufacturing inputs and additional usage of captive power,” the company stated.
Operating expenses decreased 5.7% to INR 841.78 crores, while net profit more than doubled to INR 57.35 crores. ©2010 GlobalFastenerNews.com
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