Tata group firm Voltas today registered a 9.9% decline in its net profit at Rs 68.83 crore for the quarter ended December 31, 2010 over the same period last fiscal.
The company, which makes air conditioners, had a net profit of Rs 76.46 crore in the quarter ended December 31, 2009, Voltas said in filing to the Bombay Stock Exchange.
During the quarter under review, the company's net sales increased by 5.2% to Rs 1,039.28 crore from Rs 987.46 crore in the year ago period.
The company said during the period it has formed a joint venture with Riyadh-based Olayan Financing Company in the Kingdom of Saudi Arabia (KSA) for execution of electro mechanical projects in the country.
"The shareholding of the JVC would be in the equal proportion by Voltas and Olayan Financing Company and is expected to be operational from April, 2011," it said.
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