NEW DELHI (July 29, 2008) — Despite increasing costs, profits at JK Tyre & Industries Ltd. jumped for the nine months ended June 30 and remained level for the three-month period.
Sales grew steadily in both the three-month and nine-month reporting periods, the company said.
For the nine months, JK reported pretax profits of $25 million, up 61 percent from the same period a year before, on sales of $639 million. For the three month period, sales grew 17 percent over the previous year to $224 million, while pretax profits were $8 million, up 8.4 percent.
JK said it has established a Mexican subsidiary named Sunrise Holding Mexico, which recently acquired the assets of tire maker Tornel S.A. de C.V. and its subsidiaries. As a result, JK Tyre said its combined capacity grew to 940 metric tons per day.