SKF India Report Q4; Net Profit Growth 31%
2005 February 17, 07:02 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 fourth quarter ended Dec. 31, 2004.
The financial highlights are given below in comparison to last year: –
· SKF India reports a profit before taxes for the fourth quarter 2004 of Rs.253 million (187). The profit for the full year of 2004 was Rs.883 million (506).
· Net profit for the fourth quarter amounted to Rs.157 million (120). Net profit for the full year was Rs.566 million (322).
· Earnings per share for the fourth quarter were Rs.3.5 (2.6) and for the full year Rs.12.5 (7.1).
· Net sales for the fourth quarter amounted to Rs.1632 million (1320) and for the full year to Rs.5813 million (4669). This is a growth of 24% for the quarter and 25% for the full year of 2004.
“We are pleased to see that our strong focus and efforts to provide valuable solutions to our customers is well perceived. The well-defined SKF business platforms will continue to help us in giving complete solutions to our customers” said Rakesh Makhija, Managing Director, SKF India Ltd.
The Board recommended a Dividend @25% on the paid up capital as on date.
The Board discussed and recommended the Delisting proposal dated February 10, 2005 received from Aktiebolaget SKF together with its subsidiaries for the consideration and approval of the General Body at its meeting.
The audited financial results, for the year ended December 31, 2004 are attached herewith.
SKF in India is 8500 MINR Company and has three production facilities and employs over 2000 people. With an extensive and growing network of over 225 distributors across the country, the company enjoys a dominant share in the market. The company offers integrated mechanical and engineering services, preventive and predictive maintenance, thereby enhancing the total life cycle of the customers' assets and helps reduce their 'total cost'. With its forward thinking approach, the organization has continuously maintained customer satisfaction by developing new high quality products and solutions.