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Thursday, Nov 02, 2006

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Corporate Results - Automobile Components
Mico net rises 46 pc

Our Bureau

Bangalore , Nov. 1

Robust growth in the auto industry helped Motor Industries Company Ltd (Mico), flagship of the Bosch Group, to record a 46.5 per cent growth in net profit to Rs 125.4 crore during the third quarter of 2006.

Its net sales during the same period grew 30 per cent to Rs 997.4 crore, a press statement from the company said.

However, on a sequential basis, net profit dropped 48 per cent. Higher net profit during the second quarter (April - June, 2006) of Rs 242.78 crore includes the sale of Mico's Chennai property for Rs 146.3 crore.

The net profit for the first nine months of the year grew 73 per cent to Rs 483 crore while net sales for the period grew 31 per cent to Rs 2,821.7 crore. "Aided by the robust growth in Indian auto industry including tractors, the company's automotive business maintained the growth recorded in the first half of 2006.

"The growth in the non-automotive business of the company was driven by a strong growth in the construction industry," the statement said.

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