Eicher net profit down 35 percent

Monday, 30 March 2009, 10:09 Hrs
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New Delhi: Eicher Motors, makers of commercial vehicles and bullet motorcycles, Monday reported a 35 percent decline in its net profit for the October-December quarter.

The company reported a profit after tax of 11.65 crore in the third quarter as against 15.76 crore in the corresponding period last fiscal.

Eicher, which transferred its commercial vehicle and engineering components business to a joint venture company it set up with Sweden's Volvo in July last year, saw its net sales plummeting over 85 percent to 78.04 crore during the period, as against 547.75 crore a year ago.

EML has declared a dividend of 5 per, share subject to shareholder approval.

In a separate regulatory announcement, the company said in Mumbai that it would go ahead with its proposed merger with sister entity Eicher Goodearth Investments Ltd (EGIL).

According to the merger plan, EGIL's stake in EML will be diluted completely, while the former's investment business will be transferred to Eicher Goodearth Pvt Ltd.

EML's scrip on the Bombay Stock Exchange was being traded at 217.25, down 2.38 percent from the previous close, Monday afternoon.
Source: IANS
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