MUMBAI, India (May 26, 2010)—JK Tyre & Industries Ltd. said sales and operating profits, including results from Hulera Tornel, the Mexican tire maker it acquired in 2008, reached a record level.
JK Tyre said it gained 76 percent of its sales for the 12 months through March from its Indian operations, and 18 percent from Mexico. Consolidated operating profits rose to $87.2 million.
Sales and profits hit the record levels despite a three-month strike at the firm's Kankroli, India, tire plant.
The company also said ongoing expansions will increase its truck and bus radial tire production capacity to 1.2 million tires annually from 800,000. The firm also plans to hike tire prices 3-5 percent in June because of rising natural rubber prices.