JK Tyre profits hit after higher sales

ERJ staff report (DS)

New Delhi, India -- JK Tyre and Industry has reported lower profits on higher sales for the three months ended 30 September 2010.

The company said operating profits fell by over half to Rs 518 million (euro 8.34 million) from Rs 1147 million a year previously. Sales, however, were up by almost 24 percent, at Rs 12 390 million (euro 200 million), from Rs 10 070 million in the same period a year previously.

The biggest change in costs was raw materials, which saw an increase to Rs 9060 million from Rs 5327 million in the equivalent quarter a year ago.

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Press release from JK Tyre