Ceat Q3 net down 52% on labour unrest

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Ceat Q3 net down 52% on labour unrest

Press Trust of India / Mumbai 24 Jan 12 | 06:19 PM

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Tyre maker Ceat today reported 52.30% decline in net profit for the quarter ended December 31, at Rs 2.39 crore due to labour unrest at its Nashik facility.

The company had posted a net profit of Rs 5.01 crore in the corresponding period last financial year, Ceat said in a filing to the Bombay Stock Exchange (BSE).

The total income during the quarter, however, increased by 19.04% to Rs 1,065.44 crore from Rs 895.01 crore in the year-ago period, it added.

"The results for the quarter were adversely impacted by an illegal strike of workers at Nashik factory from September 30, 2011, to October 22, 2011," the company said.

Shares of the company today closed 4.58% down at Rs 83.40 apiece on the BSE.