Sona Koyo Steering Systems Q3 net down 83.11 pc at Rs 7.12 cr

Auto component major Sona Koyo Steering Systems today reported 83.11 per cent decline in its consolidated net profit at Rs 7.12 crore for the third quarter ended December 31, 2014.
The company had a consolidated net profit of Rs 42.16 crore in the same period last fiscal, Sona Koyo Steering Systems said in a statement.
Last year the company's net profit was boosted by an exceptional income on sale of an investment of Rs 32.3 crore.
Net sales for the quarter declined by 5.5 per cent to Rs 369.73 crore from Rs 391.58 crore during the same period last year, it added.

For the nine month ended December 31, 2014, net sales grew by 2.73 per cent to Rs 1,124.50 crore as against Rs 1,094.57 crore during the same period last year.
Net profit for the period was at Rs 19.28 crore as against Rs 53.92 crore in the year-ago quarter, it said.
Shares of Sona Koyo Steering Systems ended the day at Rs 52.95 per scrip, down 0.28 per cent from the previous close on BSE.