Goodyear India deflates after dismal Q1 outcome

Goodyear India slumped 6.98% to Rs 950 after the tyre maker posted a net loss of Rs 4.49 crore in Q1 June 2020 as against a net profit of Rs 26.25 crore posted in Q1 June 2019.

Net sales declined 53.7% to Rs 226.93 crore in Q1 June 2020 over Q1 June 2019. Pre tax loss stood at Rs 6 crore in Q1 June 2020 as against a pre-tax profit of Rs 40.37 crore in Q1 June 2019. The company received a tax rebate of Rs 1.51 crore in Q1 June 2020. The result was announced after market hours on Friday, 4 September 2020.

Goodyear India is engaged in the manufacturing and trading of tires, tubes and flaps.

 

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