Net Loss for Ceat in Last Quarter

India’s Ceat Ltd has reported a net loss for the quarter year to December 21, 2008. According to the tyre maker, losses for the period amounted to Rs 216.4 million (£3.1 million). During the corresponding quarter of 2007 the company posted a net profit of Rs 192.3 million (£2.7 million).

A net loss was recorded despite an increase in quarterly sales. In a filing with the Bombay Stock Exchange, Ceat reported company earnings rising from Rs 5.69 billion (£80.4 million) in the final three months of 2007 to Rs 5.93 (£83.8 million) billion last year.

A net loss of Rs 611.5 million (£8.6 million) was posted for the nine-month period ending December 31, compared with a profit of Rs 716.7 million (£10.1 million) in the same period of 2007.