ERJ staff report (DS)
Mumbai, India -- The tyre-making subsidiary of RPG Group, Ceat Ltd, has returned to profit on much stronger sales for the three months ended 31 December 2009.
Indian company Ceat said net sales for the period reached Rs 7400 million (euro 113 million), 30 percent higher than the Rs 5701 recorded a year ago.
Operating profit for the period shot up to Rs 421 million from a loss of Rs 58 million a year ago. Net profit was recorded at Rs 240 million, reversing the net loss of Rs 216 million recorded in the same quarter of 2008.
For the nine months to 31 December 2009, Ceat recorded sales of Rs21 283 million (euro 325 million), up from Rs 18 774 million a year previously, an increase of 13 percent. Net profits hit Rs 1457 million, reversing the loss of Rs 611 million recorded a year earlier.
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Financial statement from Ceat
CEAT clocks Rs. 24 crore net profit during Q3 2009-10 from Wheels Unplugged (India)