Sundram Fasteners posts lower profit for 2007-08

June 6th, 2008 - 7:46 pm ICT by IANS  

Chennai, June 6 (IANS) In spite of gaining Rs.131.5 million ($3.1 million) owing to foreign exchange fluctuations, auto component manufacturer Sundram Fasteners Ltd (SFL) has posted a lower net profit of Rs.694.8 million for 2007-08 against Rs.718.6 million of the previous fiscal. The total sales marked a marginal increase at Rs.12.07 billion in the period under review against Rs.12.01 billion of 2006-07. SFL exported goods worth Rs.3.41 billion in 2007-08 compared to Rs.3.58 billion in the previous year.

According to the company, the high cost of raw materials and the strengthening of rupee impacted the operating margins.

The operating expenses were at Rs.10.57 billion in 2007-08 against Rs.10.29 billion of the previous year.

The board of directors Friday approved payment of the second interim dividend at 45 paise per share having a face value of Re.1 for fiscal 2008.

The total dividend for the period under review is 90 paise as the company has already declared and paid first interim dividend of 45 paise.

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