ERJ staff report (DS)
Mumbai, India - Ceat Ltd has reported higher sales and operating profits for the three months to 31 December, but net profits were significantly down due to the effects of a strike at the company's Nashik plant.
Net sales for the three months reached Rs 10 600 million (euro 163 million), up from Rs 8950 million in the same period a year ago. Profits before exceptional items and interest in the period were Rs 416 million, up from Rs 331 million a year earlier.
Net profit, however, declined to Rs 23.9 million from Rs 50.1 million.
"The results for the quarter were adversely impacted by an illegal strike of workers at Nashik factory from September 30, 2011, to October 22, 2011," the company said.
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Financial results from Ceat
The Hindu Business Line (India)
Economic Times (India)