Tyre maker CEAT today said its net profit declined by 79.14 per cent to Rs 5.01 crore for the third quarter ended December 31, over the same period previous fiscal.
The company had a net profit of Rs 24.02 crore for the same period last fiscal, CEAT said in a filing to the Bombay Stock Exchange (BSE).
Total income of the company rose to Rs 895.29 crore in the third quarter ended December 31, 2010, compared to Rs 715.07 crore in the same period last fiscal.
"Escalating raw material prices, especially natural rubber have impacted the profitability for the quarter," the company said.
Shares of CEAT today closed at Rs 117.65 on the BSE, down 4.19 per cent from its previous close.
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