ERJ staff report (TB)
Tire Business Staff Report
Kolkata, India — JK Tyre & Industries Ltd. reported markedly improved earnings for the year ended 31 March on 3-percent better sales.
JK Tyre's operating income more than doubled to $91.7 million on sales of $1.28 billion. Net income of $37.4 million contrasts with a loss of about $6 million last year.
Kolkata-based JK Tyre did not offer any commentary on the results, which are posted on the firm's website.
The firm's growth last year came from its JK Tornel activities in Mexico, where sales jumped 20.6 percent to $289 million. JK's business in India, on the other hand, fell slightly, to $998 million. As a result, Mexico now accounts for 22.5 percent of JK's global sales.
Separately, JK’s board of directors recently added the chairman’s title to Managing Director Raghupati Singhania's duties.
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