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Goodyear India Q1 profit falls YOY

Goodyear India Ltd said its normalized net income for the first quarter came to 6.43 Indian rupees per share, a decrease of 44.3% from 11.54 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 148.3 million rupees, a decrease of 44.3% from 266.1 million rupees in the year-earlier period.

The normalized profit margin fell to 5.4% from 6.9% in the year-earlier period.

Total revenue declined 28.9% on an annual basis to 2.75 billion rupees from 3.86 billion rupees, and total operating expenses decreased 27.3% year over year to 2.57 billion rupees from 3.53 billion rupees.

Reported net income declined 44.4% from the prior-year period to 156.2 million rupees, or 6.77 rupees per share, from 280.9 million rupees, or 12.18 rupees per share.

As of May 7, US$1 was equivalent to 64.16 Indian rupees.