Ceats turnover rose marginally to Rs 389 crore in the first five months of 1997-98 from Rs 386 crore last year, said vice-chairman Harsh Goenka in Mumbai on Saturday.
Addressing shareholders at the companys annual general meeting, Goenka said the company was able to retain its marketshare despite fierce competition.
But he was unable to satisfy persistent shareholders who berated the company for its lacklustre performance and for the qualifications made by auditors in its accounts.
One of the shareholders lamented that 1.92 per cent dividend declared for the year 1996-97 was the lowest dividend given to the shareholders. Goenka, defending the performance, said Ceat planned to consolidate their gains in the tyre business and therefore they exited from the tyre chord business, which they sold to SRF.
Ceat Ltd posted a net profit of Rs 6 .6 crore against Rs 17.71 crore in the previous year. Income also dipped from Rs 1726 crore the previous year to Rs 1317 crore in 1996-97. Shareholders also compla-ined over the absence of many directors at the annual general meeting and said perhaps that they were not taking their positions seriously.
