SKF India Report Q3; Net Profit Growth 70%
2004 October 21, 13:12 CET
The Board of Directors, SKF India Limited, India’s leading bearings manufacturing and engineering services company, today approved the unaudited Financial Results for the third quarter ended Sept 30, 2004.
The financial highlights are given below in comparison to last year: –
· SKF India reports a profit before taxes for the third quarter 2004 of Rs.244 million (148). The profit for the nine months of 2004 was Rs.630 million (320).
· Net profit for the third quarter amounted to Rs.153 million (90). Net profit for the nine months was Rs.409 million (202).
· Earnings per share for the third quarter were Rs.3.4 (2.0) and for the nine months, Rs.9.1 (4.5).
· Net sales for the third quarter amounted to Rs.1467 million (1162) and for the nine months to Rs.4154 million (3333). This is a growth of 26% for the quarter and 25% for the nine months of 2004.
“We continue our focus on providing complete solutions to our customers. Our new Global Application Development Center in Bangalore is nearing completion and will help us bring new products faster to the market. We are also putting our organization in place to market Lubrication Systems, as a result of Willy Vogel’s acquisition into the SKF Group” said Rakesh Makhija, Managing Director, SKF India Ltd.