JK Tyre sees profits fall in quarter

ERJ staff report (DS)

New Delhi, India -- JK Tyre has reported lower profits on higher sales for the three months ended 30 September 2010. The unaudited results show net sales up by 23 percent to Rs 12 392 million (euro 201 million), but operating profits more than halved to Rs 517.6 million (euro 8.42 million), from Rs 1147 million.

Raw materials costs jumped to Rs 9060 million from Rs 5327 million in the previous year, making up almost the whole of the decline in operating profits.

JK Tyre said it wants to be India's most profitable tyre comapny and India's top tyre brand.

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Press release from JK Tyre

JK Tyre and Industries profit plummets 66.07 percent for Sep`10 qtr Myiris (India)

Headline Source (India)

Headline Source (India)