Tyremaker Goodyear India posts quarterly profit on higher replacement demand
May 27 (Reuters) - Tyremaker Goodyear India (GDYR.BO), opens new tab reported a profit in the fourth quarter on Tuesday, as higher replacement demand for tyres offset the impact of higher rubber prices.
U.S.-based Goodyear Tire's (GT.O), opens new tab Indian unit posted a profit of 48.7 million rupees ($570,578) for the three months ended March 31 against a loss of 42.1 million rupees a year ago.
Goodyear India supplies tyres to BMW (BMWG.DE), opens new tab and Toyota (7203.T), opens new tab among others and depends on automakers' sales for a major chunk of its revenue.
Total vehicle sales in India rose 1.8% year-over-year in the reported quarter but analysts said that demand for replacing old or worn out tyres sustained.
Rival CEAT (CEAT.NS), opens new tab missed its quarterly profit estimates last month, while MRF (MRF.NS), opens new tab beat estimates.
Goodyear India's revenue from operations rose 9.5% to 6.03 billion rupees, compared to a 15.6% fall last year.
Its total expenses grew 7.2%, led by a 28.7% rise in cost of materials consumed.
The company had expected a pick up in replacement demand, which is cyclical in nature, in the fiscal year ending March.
Its shares closed 1.6% higher before the results.
($1 = 85.3520 Indian rupees)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
19 minutes ago
- Reuters
Exclusive: America's next top general in Europe will also lead NATO forces, officials say
WASHINGTON/BRUSSELS, May 30 (Reuters) - President Donald Trump will maintain the traditional role of a U.S. general at the helm of NATO, at least for now, three U.S. officials, a Western official and a NATO source said, even as Washington pushes European allies to take more responsibility for their security. Trump himself privately communicated the decision to NATO Secretary General Mark Rutte, the Western official said, speaking on condition of anonymity. The Pentagon, White House and NATO did not immediately respond to requests for comment. The decision will relieve European NATO allies and even some of Trump's fellow Republicans amid concerns that Washington's tough talk on Europe, and skepticism about the war in Ukraine, could signal a swift retrenchment in America's military leadership. Still, officials say U.S. warnings that Trump's administration needs to shift its focus to Asia and homeland security are sincere. While no decisions have been made, Trump's administration has discussed possible troop reductions in Europe, where about 80,000 U.S. personnel are based today. The next expected U.S. nominee for the positions of both Supreme Allied Commander Europe (SACEUR) and U.S. European Command (EUCOM) is Air Force Lieutenant General Alexus Grynkewich, the U.S. officials said. The U.S. officials spoke on condition of anonymity ahead of an announcement expected in the coming days. The position of SACEUR, which oversees all NATO operations in Europe, has been filled by a U.S. general since its creation after World War Two. U.S. Army General Dwight D. Eisenhower became the alliance's first SACEUR in 1951. Since taking office in January, Trump's administration has pressured Europe to ramp up its own defense spending, saying Europe should be primarily responsible for defense on the European continent. How quickly Europe assumes such a role remains a big question, and there have been discussions within the administration about the possibility of handing over the job of Supreme Allied Commander Europe to a European nation, officials say. "Make no mistake: President Trump will not allow anyone to turn Uncle Sam into 'Uncle Sucker'," U.S. Defense Secretary Pete Hegseth told reporters during a visit to NATO headquarters in February. During Trump's first term, maintaining NATO and the leading U.S. role in the alliance was a top priority for his Pentagon chiefs. Retired Marine Corps General Jim Mattis, his first defense secretary, resigned in part because of Trump's skepticism towards NATO. While the United States was still expected to pressure Europe to do more, and could in the future start redirecting U.S. troops elsewhere as part of a broader review of U.S. deployments, the U.S. decision to maintain the role of SACEUR is certain to be welcomed by key allies of Trump in Congress. The two Republican lawmakers who lead the Pentagon's oversight committees in the U.S. Congress issued a rare joint statement in March expressing alarm about a potential U.S. withdrawal from the SACEUR command structure. Grynkewich, who is now the director for operations at the U.S. military's Joint Staff, would succeed Army General Christopher Cavoli, who has been in the role since shortly after Russia's 2022 invasion of Ukraine, helping oversee billions of dollars in U.S. security assistance to Kyiv. Trump entered office in January predicting he would be able to end the war in Ukraine in 24 hours. In the months since, he has found that the conflict is more intractable than he believed and has blamed his predecessor, Joe Biden, for allowing it to happen.
The Independent
an hour ago
- The Independent
Chido Obi hits brace as Man Utd bounce back to beat Hong Kong
Teenager Chido Obi's first senior goals for Manchester United helped Ruben Amorim's side bring the curtain down on a money-spinning post-season trip to Asia with a 3-1 comeback win against Hong Kong. Last week's Europa League final defeat to fellow Premier League strugglers Tottenham compounded the Red Devils' worst top-flight campaign since suffering relegation 51 years ago. United travelled to Asia straight after Sunday's game against Aston Villa for a pair of friendlies, which are worth in the region of £8million for a club facing a first season without European football since 2014-15. Amorim's side were booed on Wednesday after losing 1-0 to the ASEAN All-Stars in Malaysia's capital Kuala Lumpur and returned to action in challenging conditions at the Hong Kong Stadium two days later. Departing Jonny Evans made his final appearance for the club in a side that included captain Bruno Fernandes and Alejandro Garnacho, who both started amid widespread speculation over their respective futures. United dominated from the outset but, like to so often this season, an inability to take their chances was punished as Juninho put Hong Kong ahead against the run of play with a shot that squirmed past Tom Heaton in the 19th minute. The Red Devils emerged for the second half with an entirely different line-up and 17-year-old substitute Obi levelled with a fine touch and finish in the 50th minute. Mason Mount was denied a penalty as the clock wound down and provided a fine 82nd-minute cross that was glanced home by striker Obi. Ayden Heaven, who like Obi joined from Arsenal this season, completed the victory against Hong Kong with a stoppage-time header.
The Independent
2 hours ago
- The Independent
The best holidays to book for July 2025, from Suffolk staycations to Indian rail adventures
School holidays don't start till quite late in July this year, leaving time to explore parts of Europe before prices shoot up and the crowds descend. Check out one of the most attractive resorts along Turkey 's Izmir coast and plunge into the clear waters of the Aegean Sea. Southern Italy also beckons, with the hilltop towns and long sandy beaches of Puglia. If you're looking for a grand adventure, let an escorted rail tour of India take you into its summertime hill stations and astounding mountain scenery. Once the school holidays kick in, take the family to one of Atlantic France's most appealing coastal villages. Stay closer to home in a cosy cottage in Suffolk, or indulge in a foodie break on the Scottish island of Islay. Whichever holiday you're thinking about taking in July, have a look at these ideas. Soak up the sunshine and sophisticated vibe of Mark Warner Phokaia Beach Resort near Foça in Izmir, where you can be as active or as lazy as you like. Take advantage of the huge range of activities – tennis, pickleball, watersports and fitness, among many others – plus four pools and a fabulous stretch of beach right in front of the hotel. Travel on 1 July when prices start at £1,199pp, including flights, transfers, five days' full-board and two days' half-board accommodation. India If Race Across the World has inspired you to travel to India, do it in comfort and style with this Royal Indian Odyssey escorted journey with Mercury Holidays. Over 15 days, you'll travel by rail and coach between Delhi and Mumbai to see such classic sights as Agra, Jaipur, Jodhpur, Mehrangarh Fort and lake-filled Udaipur. Prices for a 16 July departure start at £2,099pp, saving £200, and include flights, transfers, entrance fees, 13 excursions and 39 meals. Italy Bask in views of one of Puglia's most delightful hilltop towns from your own hilly perch at Hotel Monte Sarago. Its outdoor pool overlooking Ostuni's old town is the place for laid-back afternoons after you've spent the day exploring Puglia's beaches, historic towns, cute white trulli buildings and tranquil coastal nature reserves. Citalia has five nights at Hotel Monte Sarago from 4 July from £950pp, including flights, transfers and breakfast. Hole up in the pretty Suffolk village of Yoxford when you stay at Coach House Cottage, whose extensive gardens roll down towards the River Yox. This characterful two-bedroom cottage has plenty of places to relax and dine indoors and out, and also includes a barbecue. There's a pub within staggering distance, and the nearest beach is six miles away. Booked through Suffolk Secrets, it's available from 6 July for £607 for five nights' self-catering. France 'Camping in France ' is the usual failsafe idea that pops up during the school holidays when you want to take the children away and not spend a fortune. But at Siblu's Les Viviers, you'll be in one of France's loveliest places to stay, Cap Ferret, on its wild Atlantic coast. Stay in a two-bedroom mobile home from 29 July for seven nights from £1,033 for a family of four, and you'll have a week of swimming in the site's lake and private beach and more activities than the kids will have time for. And you can visit the oyster villages running along the peninsula, take a boat to Arcachon and even pop down to the massive Dune du Pilat, Europe's highest sand dune. Scotland Get away from it all on a weekend break at Another Place The Machrie on Islay, one of the most enchanting islands in Scotland – not to mention among the booziest thanks to its nine whisky distilleries. Book a room at The Machrie and enjoy long walks along the seven-mile sandy beach, or play a round of golf. Prices for a three-night break from Friday to Monday or Saturday to Tuesday cost from £928 per room, including breakfast, one dinner and one Sunday lunch, plus discounts on golf and spa treatments.
