MRF Quarter Profits Halved Year-on-Year

India’s MRF Ltd reports net sales of Rs 19,254 million (£258.2 million) in the quarter ended June 30, 2010, an increase of 33.9 per cent compared with the same period last year. The tyre maker recorded an operating profit margin of 9.07 per cent, down from 18.09 per cent, and a net profit margin of 3.20 per cent, down from 8.74 per cent. Net profit in the quarter to June 30 amounted to Rs 615.90 million (£8.3 million) a drop of 51.0 per cent.