ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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September/October 1990 and the general slackening of demand in the face of the Gulf crisis. According to the company, this had also resulted in an increased inventory of finished vehicles and necessitated a review of production targets for the remaining months of the year. However, the company witnessed a reversal of this situation from March 1991 and excess inventory has been cleared since then. Despite the improvement in sales the company suffered a setback in profits. The decline of 9 per cent in pre-tax profits and 13.5 per cent in net profits was reflected in the expenses-to-sales went up

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