J K Tyre increases sales in 12 months to Sept

New Delhi, India -- Indian tyre maker, J K Industries Ltd reported soaring net profits for the three months to September, at Rs 190.6 million (Euro 3.5 million), compared with Rs 22.6 million a year earlier. Net sales in the quarter increased strongly, to Rs 5928 million (Rs5139 million in the last quarter of 2004), mostly on higher selling prices.

For the twelve months, net profits rose more modestly, to 204.2 million, compared to Rs150.2 million in 2004, while net sales rose about 5 percent, to Rs20 791 million (2004: 19 030 million).

In a statement, the company said, "Costs of petroleum-based raw materials has been increasing phenomenonally. The tyre prices could not be revised adequately, resulting in continuous pressure on profitability."