CORPORATE: Sundram Fasteners posts 55% drop in Q2 net.

from BUSINESS LINE, October 31, 2008 Chennai, Oct. 30 - Due to a Rs 20-crore hit on account of restatement of foreign currency loans in the July-September quarter of the current year, compared with a gain of Rs 6.33 crore in the corresponding period of last year, Sundram Fasteners reported a 55 per cent decline in net profit.

However, the performance of the company, seen both in terms of sales as well as operating profits, was better for the quarter compared to Q2 last year.

The top line growth was on account of both volumes and realisation. It maintained operating margins of 14 per cent during both the quarters despite 46 per cent increase …