Crompton Greaves turns profitable in Q3
Transformer manufacturer Crompton Greaves made profits with the third quarter consolidated and net profit reported at $ 9.9 million compared to the loss of $ 30 million in same quarter last year.
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Transformer manufacturer Crompton Greaves made profits with the third quarter consolidated and net profit reported at $ 9.9 million compared to the loss of $ 30 million in same quarter last year.
Despite recent restructuring, sharp reversal in profitabilty was driven by higher revenues that grew 12.8 % year-on-year to $ 56 million. The revenue from power systems grew 17.3 % while consumer products business rose to 7.2 %.The industrial systems jumped 5.9 %. The profit increased significantly to $ 27 million from $ 300,000.
Additionaly, the board of directors approved a merging scheme of CG-ZIV Power Automation Solutions and CG Energy Management (wholly owned subsidiaries) with Crompton Greaves.
“The amalgamation will be effective from the 1st April 2014, subject to receipt of all regulatory approvals,” the board said.
Source: moneycontrol.com
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