Quarter profits up 20.5% for JK Tyre despite lower revenues
JK Tyre & Industries Ltd has posted a consolidated net profit of Rs 1,106.4 million (£11.3 million) for the quarter ending 31 December 2015, a 20.5 per cent increase on the consolidated net profit achieved a year earlier. Total income for the three-month period was down 12.0 per cent year-on-year, to Rs 16,207.5 million (£164.9 million).
Standalone net profit in the quarter ending 31 December 2015 was up 31.2 per cent year-on-year and amounted to Rs 921.7 million (£9.4 million). Income decreased 9.9 per cent year-on-year to Rs 13,751.2 million (£139.9 million).
The tyre maker’s India business generated 84.4 per cent of JK Tyre’s total consolidated revenues in the three months to 31 December 2015, although at Rs 13,720.4 million (£139.6 million) these were down 9.9 per cent on a year earlier. Indian net profit rose 17.7 per cent year-on-year to Rs 1,938.3 million (£19.7 million) and accounted for 87.8 per cent of segment profit prior to finance costs, exceptional items and tax.
The JK Tornel operation in Mexico contributed Rs 2,490.6 million (£25.3 million) to the company’s consolidated quarterly revenues, 23.3 per cent less than a year earlier. Net profit fell 51.7 per cent to Rs 258.1 million (£2.6 million) during the reporting period.
Further details about JK Tyre & Industries’ quarter results can be found in the Tyrepress.com company profiles and reports section.