May 22, 2014 / 12:06 PM / 4 years ago

India's Ashok Leyland fourth-quarter profit more than doubles on one-time gains

MUMBAI (Reuters) - India’s Ashok Leyland (ASOK.NS), a commercial vehicles maker, said quarterly net profit more than doubled, thanks to one-time gains on sale of some property and investments.

The company posted a net profit of 3.63 billion rupees ($61.76 million) in the fourth quarter that ended in March, compared with 1.50 billion rupees a year earlier.

    The latest quarter’s profit includes exceptional gains of 3.8 billion rupees.

    Net sales fell 17 percent to 30.21 billion rupees at the company, which has been struggling with falling demand for its trucks and buses in a slowing Indian economy.

    Reporting by Aradhana Aravindan

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