Slump in demand caused the Murugappa group promoted bicycle and auto component manufacturer Tube Investments of India (TII) post a net loss of Rs 13.75 crore for the third quarter ended December 31, 2008, as against a net profit of Rs 17.55 crore in the corresponding quarter of the previous year.
Sales for the quarter were marginally higher at Rs 434.07 crore, as against Rs 417 crore during the same period last year. However, the operations were impacted due to the sudden and steep decline in demand for its key products, which include sale of cold rolled steel stripes declined 43 per cent and tubes declined by 36 per cent, the company said.
However, sale of specialised bicycles increased by 10 per cent.
TII owns popular bicycle brands such as Hercules, BSA and Philips.