ERJ staff report (DS)
Mumbai, India -- JK Tyre and Industries said sales in the 12 months to March 2010 were the highest ever, but cannot be compared with a year earlier. Net consolidated sales reached Rs 48 490 million (euro 830 million). Of that Rs 36 777 was generated in India and Rs 8934 came from Mexico following the acquisition of Tornel in 2009.
Consolidated operating profits increased in line with sales, to Rs 4165 million (euro 71.3 million). That was split as Rs 3336 million from India and Rs 831 million from Mexico. JK said Tormel has turned back into profit and recorded impressive performance in the last 12 months.
JK Tyre said sales and profits were the highest ever despite a three month strike following a labour dispute at the Kankroli plant.
The company has re-structured its financial data based on regional share, rather than any segment share. Thus, the company said, the data cannot be compared with historical data.
JK Tyre said its Rs 9300 millin expansions for capacity in truck and bus radials is underway. "Truck and bus radial tyre capacity is being further expanded from 800 000 tyres to 1.2 million tyres per annum. In addition, car radial tyre capacity is being further expanded by 2.5 million tyres per annum," said JK Tyre Vice-Chairman and Managing Director Raghupati Singhania. The company also said it intends to increase prices by 3-5 per cent in June due to rising natural rubber prices.
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Press release from JK Tyre