• 2012 June 7 10:44

  India's Pipavav FY net profit down by 50.6%

  

  Pipavav Defence & Offshore Engineering recorded a significant plunge in full year net profit despite a jump in revenue, Seatrade Asia online reports.
  
  Net profit for the India-based company was slashed by 50.6% to INR216.4m ($3.9m) in the financial year ended 31 March 2012 compared to INR438.1m in the previous year.
  
  Revenue rose to INR18.67bn compared to INR8.67bn a year ago.
  
  The plunge in net earnings was blamed on higher finance costs and higher taxes.

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