Goodyear India’s Q2 Profit Decreased By 31.42%
Goodyear Tire and Rubber Company’s Indian subsidiary, Goodyear India has registered a loss in the second quarter of 2018.
Goodyear India told in a regulatory filing recently that the company has suffered a decrease of 31.42 percent in standalone net profit. The profit stood at INR. 28.74 crore in the second quarter that ended on September the 30th compared to INR. 41.91 crore during the same period last year.
The company has recorded a surge in the total income recorded in the second quarter this year. The total income during the second quarter was recorded INR. 499.12 crore, whereas last year during the same period it stood at INR. 425.26. However, Goodyear India’s total expenses were more in the second quarter compared to the same period last year that resulted in decrease in the net profit.
The company’s total expenses stood at INR. 454.94 crore while during the same period last year it was INR. 360.97. The company also informed that the cost of materials used was INR. 216.30 compared to INR. 168.79 during the same period last year.