ERJ staff report (DS)
Kolkata, India - Profits collapsed at Indian tyre maker JK Tyre and Industries Ltd, despite sales breaking through the euro 1000 million mark for the full year.
The company said consolidated net sales for the 12 months to 31 March 2012 reached Rs 69,471 million, (euro 1003 million) up from Rs 59,788 million a year earlier. However, due to higher raw materials costs and currency effects, the company reported a pre-tax loss of Rs 230 million from a profit of Rs 1120 million a year ago.
Costs of raw materials increased to Rs 49,932 million compared to Rs 43,826 million a year ago. The company also recorded an exceptional loss of Rs 471 million largely due to the weakness of the Indian rupee
Sales in India amounted to Rs 56, 437 million; sales in Mexico reached Rs 13,034 million while the 'others' segment, which includes tubes and flaps recorded sales of zero. Profits in India reached Rs 1810 million. Profits in Mexico reached Rs 308 million while the others segment saw a loss of Rs 2.8 million.
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Consolidated Results statement from JK Tyre
non-consolidated Results statement from JK Tyre via BSE