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Tube Investments turnover and profit down
CHENNAI: Tube Investments of India has reported a decline in its sales at Rs. 585.57 crore in the second quarter ended September 30, 2009, against Rs. 630.46 crore in the year-ago period. The net profit has declined y to Rs. 6.80 crore from Rs. 42.07 crore due to the adjustment of Rs. 30.21 crore towards diminution in the value of its investment in its wholly owned subsidiary in China. Also the year-ago period included the profit of Rs. 14.82 crore following the divestment of entire equity holding in BorgWarner Morse Tec Murugappa Pvt Ltd in favour of BorgWarner Morse Tec inc.
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