|
|
Article: India : Hindalco reports 52% drop in net profit.(Financial report)
- Article from:
- TendersInfo
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: sanjayV03
Hindalco Industries on Saturday reported a 52% drop in its standalone net profit for the quarter ended September, due to a sharp drop in metal prices on the London Metal Exchange. The Aditya Birla group flagship company said its net profit in the July-September period fell to Rs 344 crore from Rs 720 crore last year, while sales in the same period was down 13.4% to Rs 4,917 crore.
The company, which has interests in aluminium and copper, fixes product prices based on the LME trends. Aluminium price (during the period) fell from Rs 139,000 per tonne to Rs 89,000, managing director Debu Bhattacharya told ET after announcing the earnings. ...