Bandag´s profits improve

American re-treading company, Bandag, has posted an increase in net profit to $4 million for the first quarter of 2004 despite a fall in sales compared with the same period last year. Net sales for January to March 2004 totalled $173.5 million compared with $175.

3 million (net profit $2.4 million) for the first three months of 2003. Bandag´s European division witnessed an increase in net sales of $2.

2 million to $21.2 million (due mainly to favourable exchange rates) while sales volumes in Europe fell by two per cent. .