MRF profits down in Q4, full year
Indian tyre maker MRF Ltd has reported a 58.3 per cent drop in net profits during the quarter ended 30 September; profits declined from Rs 3,954.4 (£45.1 million) million in the corresponding quarter of last year to Rs 1,647.6 million (£18.8 million). The company said the lower profit results were the product of raw material price fluctuations plus increasing power and fuel costs. The depreciation of the rupee also played a role, said MRF.