Meritor has posted fourth quarter net income of US$3m, down from US$41m.

The company sold its Mascot remanufacturing business in the fourth quarter of fiscal year 2014 and recognised a US$23m loss on the sale.

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The Mascot remanufacturing business, including the loss on the sale, is reported in discontinued operations.

Sales were US$933m, up 3% from the same period last year, primarily due to higher sales in North America, partially offset by lower revenues in Europe, Defence and South America.

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