Chennai, Oct 30 : Commercial vehicle manufacturer Ashok Leyland Friday said its profits in the first half this fiscal fell 18 percent to Rs. 96 crore, as compared to Rs. 117 crore earned in the corresponding period last fiscal.

In the period under review, the company posted sales of Rs. 2,490 crore, a fall of 34 percent from the Rs. 3,758 crore it made in the first six months of the last financial year.    

However, company managing director R. Seshasayee said in a statement that with the economy expected to grow at around 6 percent, the overall growth prospects looked "favourable" for industry.

"The commercial vehicle market too is in a robust turnaround phase. The firming up of freight rates is a positive sign," Seshasayee said. (IANS)