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Our Bureau

Chennai , Jan. 28

MRF Ltd has reported a net profit of Rs 16.62 crore in the first quarter ended December 2003, compared to Rs 20.18 crore in the same period last year.

Profits slid even though turnover went up to Rs 628.30 crore from Rs 618.98 crore. An increase in the prices of the key raw material, rubber, was the main reason for the dip in profits.

Cost of raw materials as a percentage of sales increased to 63.67 per cent, from 54.15 per cent earlier.

Earnings per share dipped to Rs 39.19 from Rs 47.58 earlier.

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