Ceat Q1 net loss at Rs 42 cr

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Press Trust of India / New Delhi 03 Aug 11 | 03:15 PM

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Tyre maker Ceat Ltd today posted a net loss of Rs 42 crore for the first quarter ended June 30, 2011.

The company had reported a net profit of Rs 13.8 crore in the same period last financial year, Ceat said in a filing to the Bombay Stock Exchange (BSE).

Net sales of the company rose to Rs 1,072 crore for the first quarter ended June 30, 2011, compared to Rs 772 crore in the same period previous fiscal.

"Escalating raw material prices, especially natural rubber and lower capacity utilisation in the first quarter after commencement of production in the new plant at Halol (Gujarat) have impacted the profitability for the quarter," it said.

Shares of Ceat were trading at Rs 96 on the BSE in late afternoon trade, down 2.24% from its previous close.