Financial Daily from THE HINDU group of publications
Friday, Apr 23, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 23, 2004 |
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Corporate Results
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Bearings, Castings & Forgings Other income boosts SKF Bearings Q1 net Our Bureau
Mumbai , April 22 HIGHER other income coupled with reduction in interest payments have helped SKF Bearings report a 168 per cent jump in net profit for the first-quarter ended March 31, 2004 at Rs 13.38 crore (Rs 4.99 crore). The first quarter net sales jumped 22 per cent to Rs 130.15 crore (Rs 106.4 crore). Other income increased by 93 per cent to Rs 5.45 crore (Rs 2.83 crore) during the quarter. Earnings per share stood at Rs 3 (Rs 1.1). Total expenses went up 21 per cent to Rs 110.64 crore (Rs 91.5 crore). The interest payments of Rs 32 lakh were credited to the company against Rs 1.64 crore interest paid last year. The company had reported a net profit of Rs 32.20 crore and net sales of Rs 465.24 crore for its financial year ended December 2003. The company will look for strategic investments to grow SKF's business in India, Mr Rakesh Makhija, Managing Director, was quoted as saying in a press release.
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