Losses widen at Modi Rubber

ERJ staff report (DS)

Mumbai, India - Modi Rubber reported an increased loss for the three months to 31 March 2011. Modi is in the process of selling its tyre activities to Continental AG.

In a rather unusual statement the company recorded zero operating revenues in the quarter, and zero costs for raw materials and suchlike.

This led to an operating loss of Rs 49.5 million (euro 771 000) for the quarter, compared with an operating profit of Rs 12.1 million in the equivalent period a year ago.

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Results statement from Modi

Modi Rubber loss widens in Mar`11 qtr MyIris (India)