Aug 11 (Reuters) - Tyremaker Goodyear India
reported a 43.6% fall in first-quarter profit on Monday, hurt by
dampened automobile demand.
The net profit of U.S.-based Goodyear Tire's Indian
unit fell to 141.1 million rupees ($1.61 million) for the three
months ended June 30, from 250.3 million rupees a year ago.
Goodyear India, which sells tyres, tubes and flaps, depends
on auto sales for a large part of its revenue.
Total vehicle sales in the country fell 5.1% in the quarter
ending June, compared to 16.4% growth in the same period last
year, according to Society of Indian Automobile Manufacturers
data.
The tyremaker's revenue from operations fell 5.1% to 6.56
billion rupees.
The company said that increasing adoption of larger rim
sizes in vehicles is expected to drive robust sales in the
replacement business this year in its latest annual report.
Total expenses fell 3% to 6.42 billion rupees, but not
enough to boost the bottom line.
Rival CEAT reported a fall in June-quarter profit,
while MRF is yet to report its quarterly results.
Goodyear India's shares are flat on the day and rose 16.8%
in the quarter ended June 30.
($1 = 87.6212 Indian rupees)