Business Daily from THE HINDU group of publications
Friday, Apr 20, 2007
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Business Daily from THE HINDU group of publications Friday, Apr 20, 2007 ePaper |
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Corporate Results
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Tyres MRF net up seven fold in Q2 Our Bureau
Chennai April 19 MRF's net profit for the quarter ended March, the company's second quarter of 2006-07, increased seven-fold to Rs 35.84 crore, compared with Rs 5.84 crore previously. The turnover increased to Rs 1,087 crore from Rs 880 crore in the corresponding period last year. A company spokesman explained that the striking increase in net profit was no miracle, but an effect of sequence of events.
High rubber prices
In January-March 2006, rubber prices started moving up, from about Rs 69 a kg to around Rs 90 a kg. The climb was so fast that the company could do nothing about it and had to absorb the increase in its costing. However, in the following quarter, MRF raised the prices of its tyres. As a result, net profit started moving up. He pointed out that the net profit for the quarter under review is not much higher than that of the preceding quarter (October-December 2006) of Rs 29 crore.
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