Punjab Tractors on Tuesday reported a steep drop of 81.36% in net profit for the quarter ended June 2007. During the quarter, the company witnessed a fall in profit to Rs 33 million from Rs 177 million in the same quarter, last year.
The drop of 862 basis points in operating margin and sluggish sales growth pushed earnings of the company lower.
Net sales for the quarter declined 28.61% to Rs 1,739 million, while the total income for the quarter fell 28.67% to Rs 1,739 million, when compared with the corresponding quarter, a year ago.
The earnings per share for the quarter declined 81.44% to Re 0.54 compared with the same quarter, a year ago.
Punjab Tractors,the flagship company of Swaraj Enterprise, is primarily engaged in manufacture of tractors.
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