Chennai, Oct 19 (IANS) Hit by a weak market for automobiles and the sharp shift towards diesel-powered cars, auto component maker Rane Engine Valve Ltd closed the first half of the current fiscal with lower turnover and a net loss, the company said Friday.
During the first half of the current year, Rane Engine Valve posted a turnover of Rs.134.50 crore and a net loss of Rs.5.39 crore as against Rs.155.54 crore and a profit of Rs.7.19 crore last year, the company said in a statement here.
Rane Engine Valve makes engine valves, guides and tappets for automobiles.
According to the company, the sharp shift of preference from petrol to diesel cars and slowdown in Europe has also affected performance in this year so far.
For the company, the growth, both in domestic and export market was negative compared to previous year.