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.
The same day as it released its quarter results, MRF disclosed that it has appointed Jacob Kurian and M. Meyyappan as additional company directors, with effect from 25 July 2012.