February 13, 2018 / 6:41 AM / 3 months ago

Motherson Sumi Systems third-quarter profit drops 12 percent, lags expectations

REUTERS - Auto parts maker Motherson Sumi Systems Ltd (MOSS.NS) reported a 12 percent drop in quarterly net profit and missed expectations, hurt by higher expenses.

Employees of Motherson Sumi Systems Ltd, work on a car wiring assembly line inside a factory in Noida on the outskirts of New Delhi, India April 28, 2016. REUTERS/Anindito Mukherjee/Files

Net profit attributable to owners fell to 3.65 billion rupees ($56.79 million) in the three months ended Dec. 31, 2017, from 4.16 billion rupees a year earlier, the flagship company of the Samvardhana Motherson Group said in a statement on Tuesday. bit.ly/2HbkRuX

That compared with an average estimate of 5.32 billion rupees in net profit drawn from 15 analysts polled by Thomson Reuters I/B/E/S.

Total expenses rose 35 percent to 136.35 billion rupees.

($1 = 64.2700 Indian rupees)

    Reporting by Vishal Sridhar in Bengaluru; Editing by Subhranshu Sahu

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