SKF India Report Q2; Net Profit Growth 97%

2004 July 23, 11:37 CET

Mumbai, July 23, 2004

The Board of Directors, SKF India Limited, Indias leading bearings manufacturing and engineering services company, today approved the unaudited Financial Results for the second quarter ended June 30, 2004. 

The financial highlights are given below in comparison to last year : 

1. SKF India reports a profit before taxes for the second quarter 2004 of Rs.195 million (90). The profit for the first-half of 2004 was Rs.386 million (171). 
2. Net profit for the second quarter amounted to Rs.122 million (62). Net profit for the first-half was Rs.256 million (112). 
3. Earnings per share for the second quarter were Rs.2.7 (1.4) and for the first-half, Rs.5.7 (2.5). 
4. Net sales for the second quarter amounted to Rs.1386 million (1107) and for the first-half to Rs.2687 million (2171). This is a growth of 25% for the quarter and 24% for the first half of 2004. 

"SKF is completely focused on the emerging opportunities in India. During this quarter we completed the acquisition of the business of Vibration Engineers & Consultants in Chennai. Through this acquisition, we will build on growing our Reliability Systems business, a key initiative to provide high- end maintenance and reliability solutions to the manufacturing industry. We will continue to invest to grow our business here." said Rakesh Makhija, Managing Director, SKF India Ltd. 

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