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| Tube Investments posts Q4 net loss of Rs 4.43 crore |
| BS Reporter / Mumbai May 02, 2009, 13:12 IST |
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Chennai-based bicycle and tubes manufacturer Tube Investments (TI) has posted a net loss of Rs 4.43 crore in fourth quarter ended March 31, 2009, compared with a net profit of Rs 9.14 crore recorded during the same period a year ago.
The company’s total revenues for the reporting quarter fell to Rs 473.59 crore, lower from Rs 485.15 crore recorded during the comparable period of previous financial year, the company informed BSE today.
For the 12-month period ended March 31, 2009, the company’s net profit rose 28 per cent to Rs 72.18 crore, compared with Rs 56.50 crore recorded during the same period of previous financial year. The net profit includes an extraordinary income of Rs 47 crore as profit on sale of long-term investments and divestment of a joint venture.
TI’s turnover for the full-year rose 18 per cent to Rs 2,061 crore, as against Rs 1,744 crore recorded earlier.
The engineering business of the company was affected by the slowdown in the automotive sector during the second half of the year. As a result, the volume of precision steel tubes sold during the year declined by 14 per cent and cold rolled steel strips declined by 20 per cent. The revenue for the division was, however, higher by 9 per cent. The volatility in steel prices, lower demand and the lower pass through of cost increases affected the profits of this division.
TI’s bicycles division posted an 8 per cent growth in volume and 26 per cent growth in revenues during the year. The division recently started retailing high-end bicycles of Cannondale and Bianchi under 'Track & Trail’ brand.
During the year the division also launched electric scooters. The revenue from this product is expected to increase this year with the product gaining greater acceptance and the distribution being improved through more outlets retailing these scooters.
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