Man Industries Q3 net profit down to Rs 25.67 crore

MUMBAI: Leading pipe-manufacturer Man Industries (India) Ltd today said it has posted a lower net profit at Rs 25.67 crore for the third quarter ended December 31, 2010 from Rs 30.92 crore in the year-ago period.

Net sales in the reporting quarter was nearly the same as in the year-ago period at Rs 439.86-crore, a company release said here.

The firm had posted net sales of Rs 439.31 crore, in the corresponding period last fiscal.

For the nine-month period ended December 31, the company's net sales were up at Rs 1,191 crore as against Rs 1,071 crore in the year-ago period. Net profit was also higher at Rs 73.35 crore as compared to Rs 67.09 crore in the corresponding period of the previous year.

"We have done well in the first nine months of the current financial year by posting record profit. Considering the opportunities and the current economic condition, we are sure of registering an impressive financial performance for the whole of this year at the end of the current fiscal," the company's Chairman, R C Mansukhani, said.