Ceat profit falls, despite strong sales

ERJ staff report (DS)

Mumbai, India - Indian tyre maker Ceat Ltd reported strong sales for the three months ended 31 December 2010, but profits fell sharply on higher raw material costs.

Ceat's unaudited results show raw materials costs in the three months period increased to Rs 6479 million (euro 104 million) from Rs 4647 million a year previously. Operating profit fell to Rs 332 million from Rs 421 million a year earlier.

Net sales grew strongly, to Rs 8953 million (euro 143 million) from Rs7151 million a year before.

Results for the nine months to the end of 2010 showed a similar pattern.

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Results statement from Ceat