ERJ staff report (LMH)
Mumbai - Despite a successful fourth quarter, Indian tyre company Ceat's net profit for fiscal 2012 has dropped to Rs 181 million (Euro 2.5 million) from Rs 274 million the previous year.
Sales for the year ended 31 March 2012 were Rs 49 billion, up 19 percent from Rs 38 billion in 2011. Net income was Rs 46 billion, up 16 percent from Rs 36 billion year-on-year. Total expenses for the year rose to Rs 44.3 billion from Rs 35 billion in fiscal 2011 - a large portion of this came from the cost of materials consumed: Rs 33 billion in fiscal 2012, up from Rs27 billion the year previous.
In the fourth quarter, sales rose to Rs 13 billion, up from Rs 10.5 billion in the three months ended 31 March 2011, while profit was Rs 414 million, a significant increase from the previous fourth quarter loss of Rs 118 million.
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Press release from Ceat