ERJ staff report (DS)
Mumbai, India -- Following the trend among Indian tyre makers, Goodyear India said its profits for the three months to 30 Sept 2011 were lower than the same period last year, although net sales increased. The effect comes as raw materials prices increased, but companies were unable to pass the increase on to price-conscious customers.
Goodyear, which dominates the agricultural segment in India, said net sales for the three months amounted to Rs 3944 million (euro 57.9 million ), up from Rs 3398 million a year earlier. Operating profit fell to Rs 229 million from Rs 276 million.
For the nine months, sales were Rs 11190 million, up from Rs 9606 million a year earlier, while operating profits were Rs 636 million, down from Rs 761 million a year previously.
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Results statement from Goodyear India via BSE