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.