CHENNAI, Nov 6 (Reuters) - India's Redington (REDI.NS) reported a 22% decline in quarterly profit on Monday, as the technology gadgets distributor grappled with a global slowdown in demand and higher expenses.
Consolidated profit fell to 3.03 billion rupees ($36.42 million) in the second quarter from 3.87 billion rupees a year earlier.
In the previous four quarters, Redington had reported revenue growth between 24.6% and 30.8%.
However, Qualcomm and Apple recently indicated smartphone sales slump has finally started to ease, setting them up for better quarters ahead.
($1 = 83.1974 Indian rupees)Reporting by Praveen Paramasivam in Chennai; Editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.
Persons:
Redington, Praveen, Eileen Soreng
Organizations:
Consolidated, Apple, Samsung, Revenue, Qualcomm, Thomson
Locations:
CHENNAI, Chennai, Tamil Nadu, Singapore, India, South Asia