ERJ staff report (DS)
Mumbai -- Indian tyre maker Ceat Lts saw its sales jump in the three months to 30 Sept. Profits also rose. Ceat saw strong sales in the first six months of the year, but a loss in the first quarter affected the six-month profits.
For the six month period, net sales at Ceat amounted to Rs 21 963 million (euro 323 million), up from Rs 16,200 million a year ago. Operating profit fell to Rs 189 million, compared with Rs 687 million a year earlier. However, in the most recent three months, Ceat saw operating profits increase to Rs 439 million compared with Rs 358 million a year ago.
The company said capacity at its new plant in Halol has been ramping up steadily and in September reached 42 percent of nominal output. The company said it expects to reach full capacity of 150 tonnes/dayby June 2012. Ceat opened the passenger / truck radial tyre plant at the end of March this year.
On the downside, the company's Nasik unit was affected by a strike from 30 Sept to 23 October. Ceat described te strike as illegal.
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Results statement from Ceat