MRF Archives - Page 4 of 10 - Tyrepress

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MRF looking at rubber acquisition options – but not rushing in

Almost a year ago, MRF chairman K M Mammen told journalists the tyre maker was considering acquiring or leasing a 100,000 hectare rubber plantation in Southeast Asia. Since then, little has been heard on the subject. In recent days, however, Indian newspapers the Hindu Business Line and Business Standard have both quoted MRF executive vice-president of marketing, Koshy Varghese, as saying the company is currently investigating its options.

27th August 2012/by Tyrepress Editors

MRF more than quadruples quarter profit

MRF Ltd says its net profit increased 352 per cent year-on-year in the quarter ending 30 June 2012. The Indian tyre maker says it posted a net profit of Rs.1,445.6 million (£16.6 million) in the three-month period, up from Rs. 319.5 million in the corresponding quarter a year earlier. Net sales rose 16.6 per cent to Rs 30,118.9 million (£346.3 million) during the same period. Operating profit margin increased from 5.9 per cent to 10.7 per cent year-on-year.

3rd August 2012/by Tyrepress Editors

5.3% growth for India’s tyre industry in previous financial year

In its July 2012 report into India’s tyre industry, ICRA Research Services states that “changing revenue mix and softer rubber price” will “pay dividends.” The investment and credit rating agency observes that rubber prices have declined from their peak of around Rs 240 (£2.79) per kilogram at the start of the 2011-12 financial year (April 2011), easing to approximately Rs 195 per kilogram in November and then stabilising at between Rs 185 and Rs 200 per kilogram.

13th July 2012/by Tyrepress Editors

Howzat? Ford Focus sales reach 1,500,000 not out

Since its launch in 1998, Ford Focus held the crown of overall UK sales leader for 10 consecutive years until 2008 when Fiesta took the number one spot. Sales reached a significant milestone earlier this month, when the 1,500,000th Ford Focus was delivered to 22-year-old Jaik Mickleburgh, a right-handed batsman playing for Essex Cricket first team and who has also played for the England U19s.

10th May 2012/by Tyrepress Editors

TGI celebrates 20 years

This month US wholesaler Tire Group International celebrates 20 years in the business. On 3 March 1992 the Miami-based company opened its doors and began trading; TGI says its main objective since that day has been to offer its customers the entire spectrum of tyre sizes and patterns at reasonable price points, to build long-term relationships with customers and suppliers and to exceed their expectations every time they deal with TGI. For this reason, TGI says it has developed a very close relationship with all its partners around the world.

20th March 2012/by Tyrepress Editors

Research: Indian replacement tyre market to surpass 305 billion rupees 2014

Increasing numbers of vehicles on Indian roads will drive the Indian replacement tyre market past the 305 billion rupee (£4 billion, 4.8 billion, US$6 billion) value level, according to research conducted by TechSci research.

2nd February 2012/by Tyrepress Editors

Indian tyre market turned over £3.8b last year, states MRF

In its recently released annual report for the 2010-11 financial year, MRF Tyres estimates the entire Indian tyre industry’s annual turnover as being Rs 300,000 million (£3.8 billion), with exports accounting for Rs 36,000 (£455.8 million) of this. MRF states that during the year to the end of September 2011 an estimated 119.2 million tyres were produced in India by 39 tyre companies; the ten largest of these produced 95 per cent of this these.

19th January 2012/by Tyrepress Editors

MRF net profit soars

India’s MRF Limited has reported a significant increase in year-on-year net profit for the quarter ending 30 September 2011. The company reported a net profit of Rs 3,954.5 million (£48.4 million), an increase of 413 per cent on the same quarter of last year. This growth occurred even though income rose only 24.3 per cent to Rs 26,197.9 million (£326.6 million) and can in part be attributed to a change in the company’s policy of accounting for depreciation.

1st December 2011/by Tyrepress Editors

India tyre cartel allegation under investigation

India-based news website Livemint.com reports that antitrust regulator the Competition Commission of India (CCI) is looking into a possible cartel within India’s tyre industry. The CCI began its investigation following receiving a report from its director general earlier this year. This report concluded that the five leading Indian five makers, who together control 95 per cent of the domestic market, and the Automotive Tyre Manufacturers’ Association (ATMA) colluded to fix prices. Now the CCI is, says Livemint.com, looking into the allegation more closely with a view to holding a hearing in December.

16th November 2011/by Tyrepress Editors

MRF considering international, including European, acquisition options

MRF Ltd is reportedly considering a number of overseas acquisitions options. According to various Indian news reports, top of the list are tyre plants and rubber plantations in moves that will form part of the company’s global expansion plans.

11th October 2011/by Tyrepress Editors

TGI named in top 5 US Hispanic exporters

Tire Group International has been named the fourth largest Hispanic owned exporter in the USA by Hispanic Business Magazine. Tony Gonzalez, TGI’s CEO said: “We are very excited and honoured by the ranking, it’s a true testament to the hard work and effort of our entire team, The Winning Team.”

31st August 2011/by Tyrepress Editors

MRF plant lockout ends

Indian tyre maker MRF Ltd reports that the lockout at its factory in Kottayam, Kerala state, was lifted on the morning of June 24. Two days earlier the company informed the Bombay Stock Exchange it had implemented the lockout on account of “labour unrest in the factory.” While MRF’s own announcements do not elaborate on the issue, The Financial Express newspaper's coverage of the incident cites a union source, who explains the lockout as being the “fallout of a dispute between an employee and a supervisor over alleged unauthorised leave.” Specifically, the anonymous union source alleges the employee was not permitted to go on duty on June 18 and other workers then staged a walkout as a mark of solidarity. The plant is said to have lost around Rs220 million (£3 million) during the four days it was out of operation, the financial daily added.

24th June 2011/by Tyrepress Editors

MRF factory No. 7 to enter production by year’s end

Production at MRF Tyres’ seventh factory in India is expected to begin in the coming months. At the opening of a company sales and service outlet in the city of Kolkata, MRF deputy general manager Rajat K. Nangia commented that operations at the Rs 9 billion (£121 million) truck tyre and passenger car radial plant in Thiruchirapalli, Tamil Nadu state would commence before the end of the year. Nangia also reported on the tyre maker’s intention to raise US$110 million through the sale of ten year bonds; Nangia said the bond sale process is already underway and a portion of the funds raised will be utilised to increase capacity expansion in each of the company’s factories.

23rd May 2011/by Tyrepress Editors

The Goodyear blimp is back

Is it a bird? Is it a plane? Is it a UFO? No, despite the scores of twitterers that misidentified the well-known motor-driven airship during a night flight over London, it’s the Goodyear blimp, which returned to European airspace during March after a 12-year leave of absence.

Over the last decade, Goodyear Blimps have flown over the USA, Brazil and China, but this news marks the first European tour since 1999. Between March and October, two Goodyear Blimps named Spirit of Safety I and Spirit of Safety II will visit 20 countries, with the tour starting in the UK. Shortly after the aforementioned night-flight over London, Tyres & Accessories went blimping on the Goodyear airship and found out a little more about the craft’s current mission.

28th March 2011/by Tyrepress Editors

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.

9th August 2010/by Tyrepress Editors