MAN Industries Q1 net drops by 16 pc

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our expectations as there was temporary slow down in the export shipments, due to imposition of Export Duty, which was withdrawn subsequently.

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