11/10/2010
NEWS BRIEFS
Sundram Fasteners Exports Climb
India-based Sundram Fasteners Ltd. saw net revenue increase 40.2% during the third quarter of 2010, boosted by a 54.9% jump in exports to Rs 125.6 crore (US$55.6 million), the Wall Street Journal reports. Consolidated revenue gaining 14.5%.
Rising raw material costs for the automotive fastener manufacturer comprised 48.3% of sales, reducing operating profit margins to 12.6% — down 240 basis points from the third quarter of 2009.
“Wage revision, opening of new units/businesses and long-term wage settlement translated into higher employee costs. Rise in diesel prices fuelled power costs due to higher use of captive power,” stated executive director V.G. Jaganathan.
Operating profit increased 17.7% to Rs 58.70 crore, while net profit jumped 63.5% to Rs 30.90 crore. ©2010 GlobalFastenerNews.com
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