MRF has reported a net profit of Rs 615.9 million for the quarter ended June 2010 (the company’s third quarter), compared with Rs 1,257 million in the corresponding quarter of last year. However, the company’s board has declared an interim dividend of Rs 3 a share.
Turnover was up at Rs 19,250 million, compared with Rs 14,380 million for the comparable quarter of last year. The company says the dip in net profit was caused by raw material prices, especially rubber.
For the nine months ended June, MRF achieved a turnover of Rs 53,550 million, compared with Rs 41,960 million in the same period last year.
Net profit was Rs 2,760 million (Rs 1,560 million).
Apollo posts 11% rise in Q1 revenues
Apollo Tyres Ltd’s consolidated revenue for the 1st quarter of the financial year 2010-11, including the company’s Indian and International Operations, grew 11% to reach a net sales of Rs 18.2 billion from the previous year’s Rs 16.3 billion.
The tyre maker has announced, the highest ever annual dividend payout of 75% per share in its history for the year ended March 31, 2010.
Apollo’s Chairman Onkar S Kanwar said that the company’s net sales went up 11.4% to Rs 18.2 billion from Rs 16.3 billion in Q1. Operating profit however registered a slight decline at Rs 2.02 billion, from Rs 2.07 billion. Net profit went up to Rs 742 million, from Rs 738.2 million.
Apollo’s European operations posted revenues of Rs 4.4 billion in the 1st quarter of the year.
Bridgestone sees surge in earnings
Bridgestone has revised its financial projections in the first half of the 2010 fiscal year and released its projections for the entire fiscal year.
Its revised first half net sales figure of 1,360,000 million yen (£10.1 billion) is 1.5% higher than that previously given on May 7 and projected net income, now 37,000 million yen (£275.0 million), is 37% higher than the May 7 projection.
The company now anticipates annual net sales of 2,900,000 million yen (£21.5), slightly higher than the 2,597,002 million yen earned in the 2009 financial year. Operating income, however, is projected to increase 58% to 130,000 million yen (£966.3 million), projected ordinary income is 113,000 million yen (£839.9 million) and net income to skyrocket from 1,043 million yen to 77,000 million yen (£572.4 million).
Goodyear’s sales, profits up
Goodyear Tire & Rubber Co. has reported a US$ 28-million second-quarter profit in contrast to a loss a year ago as demand for its tyres increased worldwide, especially in the key US market.
Revenue rose 15 % to US$ 4.5 billion from US$ 3.9 billion a year ago, led by a 21% gain in the core North American market. The number of tyres sold increased 10 % in the quarter. The revenue jump was helped by a better mix of high-end tyres and Goodyear branded-tyres.
Sales were up 21% in Latin America, 16% in Asia-Pacific and 5% in Europe-Middle East-Africa.
Toyo reports improved sales, earnings
Toyo Tire & Rubber Co. reported improved sales and earnings results for the first quarter of its 2010 fiscal year.
For the quarter – April 1-June 30 – Toyo posted overall net sales of US$ 775.93 million, up substantially from US$ 670.68 million in sales posted for the same period last fiscal year. Net income for the period came in at US$ 7.99 million US$ 28.17 million.
Yokohama reports US$ 18.4 million Q1 profit
Yokohama Rubber Co. Ltd. posted net income of US$18.4 million for the first quarter of its fiscal year ended June 30 due to a turnaround in operating profitability.
The company posted operating income of US$ 67.8 million in the fiscal first quarter, compared with an operating loss of US$ 47.1 million in the same period in 2009. Yokohama’s net sales climbed 23.4% over the same quarter of the previous fiscal year, to US$1.4 billion.
Operating income in Yokoha-ma’s tyre operations totalled US$ 60.9 million, up from a first-
quarter loss of US$ 42.5 million in fiscal 2010. Group sales rose 25.5% to US$1.06 billion.
Pirelli posts 19.8% rise in revenues
Pirelli Tyre SpA has closed the first half of 2010 with revenues of 2,426.5 million euros (1H 2009: 2,026.2 million euros), up 19.8 %. Pre-tax profits (EBIT) grew 62.8% to 193.4 million euros (2009: 118.8 million euros). Net income of continuing operations more than doubled to 80.8 million euros, compared with 30.3 million euros in the first half of 2009.
Cooper Tire reports 27% rise in sales
Cooper Tire & Rubber Company reported net income of US$ 44 million for the quarter ended June 30, 2010, a US$ 57 million improvement from the same period in 2009.
Net sales were US$ 804 million, an increase of US$ 172 million, or 27% from the prior year. Operating profit was US$ 34 million for the quarter, a US$ 7 million decrease compared with US$ 41 million in 2009. The company reported net income of 70 cents per share during the quarter on a diluted basis.