Tube Investments posts Q3 net loss of Rs 13.75cr

Chennai-based Tube Investments of India Limited (TII), part of Murugappa group, has reported a net loss of Rs 13.75 crore during the third quarter ended December 31, 2008 as compared to profit of Rs 17.55 crore for the same period last year.

During the quarter sales were at Rs 434.07 crores, as against Rs 417.61 crores during the same period last year, an increase of 4 per cent.

L Ramkumar, managing director, TII said that operations were impacted due to the sudden and steep decline in demand for its key products. He added, while volumes of all businesses were affected by slowdown in demand the auto related businesses were significantly impacted by lower turnover and profitability."

He noted, sales of cold rolled steel strips during the quarter declined 43 per cent while tubes declined by 36 per cent. Export of tubes was higher by 6 per cent during the quarter. Sales of value added tubular components increased by 23 per cent during the quarter.