JK Tyre loss in Q4 slashes full year earnings

ERJ staff report (DS)

Kolkata, India -- A sharp loss in the fourth quarter has cut JK Tyre & Industries' profit for the year by half. The company reported higher sales in the three and 12-month periods, but higher raw material costs hit the company's operating profit and net profit figures.

JK published full year sales of Rs32 800 million (Euro 520 million), up by 16 percent on the year, but operating profit fell to Rs 1554 million (Euro 24 million) compared with Rs 1895 million a year ago.

In the fourth quarter, the company reported an operation gloss of Rs 239 million, compared with a profit of Rs 600 million a year ago. Overall, for the 12 months, the company's net profit fell by half, to Rs326 million, from Rs 667 million a year ago.

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Results statement from JK Tyre