Suzlon Energy 2Q Consolidated Net Profit INR480 Million Vs Loss INR3.69 Billion
22 Outubro 2011 - 11:04AM
Dow Jones News
Suzlon Energy Ltd. (532667.BY) Saturday swung to a
second-quarter net profit, helped by better sales of its wind
turbines and an exceptional gain on account of sale of its stake in
Belgium's Hansen Transmissions International N.V. (HSN.LN).
Net profit for the July-September period was INR480 million,
compared with a loss of INR3.69 billion, a year ago. Revenue for
the quarter rose 34.4% to INR50.71 billion.
Total costs grew 28.5% to INR48.92 billion, while raw material
costs, a major component of the company's total expenses, were up
10.5% to INR32.19 billion.
In July, Suzlon said its wholly owned unit, AE-Rotor Holding BV,
signed an "irrevocable undertaking" to sell its 26.06% stake in
Hansen to ZF Friedrichshafen for about GBP115 million. The deal
concluded earlier this month.
The net impact, of reversal of provision for diminution and
currency translation difference pertaining to the investment in
Hansen against the expected recoverable amount, of INR2.19 billion
has been taken to profit and loss account, the company said in a
regulatory filing.
-By Ashutosh Joshi, Dow Jones Newswires; +91 22 6145 6120;
ashutosh.joshi@dowjones.com
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