MAN Industries Q1 net drops by 16 pc

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Mumbai, July 28 (UNI) MAN Industries Limited, one of the leading pipe manufacturing companies, reported a decline in net profit by 16 per cent at Rs 14.52 crore for the quarter ended June 30, 2008, as compared to Rs 17.35 crores in the corresponding period a year ago.

The Profit After Tax (PAT) was lower due to high depreciation and employment cost during the quarter, the Company said in a release here today.

It's net sales dropped at Rs 316.88 crore from Rs 320.99 crore during the same period.

Commenting on the results, Chairman R C Mansukhani said the results are in line with our expectations as there was temporary slow down in the export shipments, due to imposition of Export Duty, which was withdrawn subsequently.

UNI PP RN SKB2052

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