Usha Martin Q4 net dips almost 60 percent

Kolkata, May 10 (IANS) Leading wire rope and specialty steel manufacturer Usha Martin Ltd Thursday reported a 58.75 percent dip in its consolidated net profit to Rs.14.91 crore for the quarter ended March 31, 2012, from Rs.36.15 crore in the same period last year.

During the fourth quarter, the Kolkata-based company registered a 10.74 percent growth in its net sales to Rs.954.41 crore from Rs. 861.82crore in the corresponding period a year ago, while its total expenses increased to Rs.937.98 crore during the period under review from Rs.761.27 crore for the same period last fiscal, up by 23.21 percent.

The company said in a release that its operational performance suffered due to difficult business conditions, higher input costs and slow down in key market segments.

The company, which has plants in Britain, Thailand and Dubai, also said higher volatility in foreign exchange and depreciating rupee distorted normalcy of operational performance.

Usha Siam, a key subsidiary of the firm in Thailand, which remained non-operational since October last year due to excessive rainfall in mining areas and floods, started partial production from February 2012.