Usha Martin’s third quarter profit dips 17.6 percentJanuary 29th, 2009 - 4:53 pm ICT by IANS
Kolkata, Jan 29 (IANS) Speciality steel and wire rope producer Usha Martin posted a standalone profit of Rs.267.4 million (Rs.26.74 crore/$5.5 million) for the quarter ended Dec 31, an official statement said here Thursday.The profit after tax declined 17.6 percent to Rs.267.4 million from Rs.324.5 million in the corresponding period last fiscal.
“Slowdown in auto sector has affected the steel volume and margins,” the statement said.
The company has suffered loss to the tune of Rs.115 million in the quarter and Rs.673.5 million in the first nine months this fiscal due to foreign exchange fluctuations, it said.
Usha Martin has manufacturing facilities at Ranchi, Jamshedpur, and Hoshiarpur, and in Britain, Thailand, the United Arab Emirates (UAE) and the US.