Bajaj Auto net profit declines

MUMBAI, JAN 16: The quarterly and nine-monthly results of India's biggest two-wheeler manufacturer, Bajaj Auto Ltd, are below expectation...

MUMBAI, JAN 16: The quarterly and nine-monthly results of India’s biggest two-wheeler manufacturer, Bajaj Auto Ltd, are below expectations. The company announced a net profit of Rs 312 crore ($ 73.50 million) for the nine months to December 31, 1998 compared to Rs 329 crore in the same period of last year. But the net profit in the quarter ended December 1998 dipped sharply to Rs 86.16 crore from Rs 124 crore in the year-ago quarter.

Net sales in the nine-month period grew to Rs 2,542 crore from Rs 2,381 crore in the previous period but declined to Rs 849 crore in the quarter ended December from Rs 868 crore in the year-ago quarter.

Bajaj Auto said in a statement total two and three wheeler production during the nine-month period was 1,012,463 units compared to 991,076 in the same period of last year while sales were 1,012,229 against 983,836 in the year-ago period. Analysts said the decline in profits was because of a dip in three-wheelers sales, lower non-operational income and higher costs associatedwith new product launches.

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