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October 31, 2008 02:00 AM

JK Tyre profits for year cut in half

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    KOLKATA, India (Oct. 31, 2008) — A sharp loss in the fourth quarter has cut JK Tyre & Industries Ltd.'s profit for the year by half.

    The company reported higher sales in the three- and 12-month periods, but higher raw material costs hit the company's operating profit and net profit figures.

    JK published full year sales of about $663 million, up by 16 percent on the year, but operating profit fell 18 percent to about $31.4 million.

    In the fourth quarter, the company reported an operating loss of $4.8 million. Overall, for the 12 months, the company's net profit fell by half, to $6.6 million.

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