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Increased costs pull down MRF's profit
Friday, July 30, 2010
Chennai, India - Increased raw material costs, especially natural rubber and employee costs, along with interest charges pulled down MRF’s net profit by 51 percent to Rs 61.6 crore (1 crore = 10 million rupees; 46.7 rupees = $1) in the third quarter ended June 30, 2010 against Rs 125.7 crore in the year-ago period. The board has approved the payment of interim dividend of Rs 3 per equity share. However, buoyancy in the auto sector and greater demand in the replacement market for tires helped the company to lift net sales 34.2 percent to Rs 1,924.4 crore against Rs 1,433.6 crore in the year-ago period. The other operating income was less at 96 lakh against Rs 4.7 crore in the year-ago period. In the first nine months, MRF reported a higher net profit of Rs 276.8 crore against Rs 156.1 crore in the same period in the previous year. Net sales improved to Rs 5,345.9 crore against Rs 4,189.6 crore in the year-ago period. In the first nine months, the company has surpassed the net profit of Rs 253 crore, reported during the year ending September 30, 2009 on net sales of Rs 5,663.8 crore. MRF executive vice president of marketing, Koshy Varghese, said despite robust sales, the profits took a beating in the third quarter due to the high cost of natural rubber. During the quarter, consumption of raw materials increased 78 percent to Rs 1367.1 crore against Rs 766.7 crore in the year-ago period.
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