FAG Bearings Q3 Net Drops 32.37% on Lower Margin

FAG Bearings India recently announced a steep drop of 32.37% in net profit for the quarter ended December 2007. During the quarter, the company witnessed fall in profit to Rs 144.80 million from Rs 214.10 million in the same quarter, last year.

The substantial fall in the operating margins of 752 basis points to 15.54% during the quarter, dragged the earnings of the company lower.

The net sales for the quarter rose 13.50% to Rs 1,674.50 million, while the total income for the quarter increased 15.33% to Rs 1,704.80 million, when compared with the corresponding quarter, a year ago. The earning per share for the quarter declined 32.43% to Rs 8.71 compared with prior year period.

Shares of the company declined Rs 5, or 0.9%, to settle at Rs 550. The total volume of shares traded was 281 at the BSE.

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