Key Points
BENGALURU, Aug 2 (Reuters) - Tyre manufacturer Goodyear India (GDYR.NS) reported a higher quarterly profit as a drop in raw material prices helped make up for its first revenue fall in 12 quarters on low demand...
The Indian unit of U.S.-based Goodyear Tire and Rubber Co (GT.O) said standalone profit rose 4% to 392.6 million rupees ($4.8 million) in the first quarter...
However, Goodyear's revenue was hurt by lower sales volumes due to subdued demand and index-based price reduction to vehicle makers, the company said...
"While the current economic environment remains challenging, we expect the industry to bounce back, specially in the light of good monsoon which should help stimulate the rural demand", said Goodyear India Chairman and Managing Director Sandeep Mahajan...
The company's larger rival CEAT (CEAT.NS), however, reported a near 16-fold jump in profit as rubber prices fell and demand for passenger vehicles climbed..
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