SKF India Reports Second Quarter 2005 Results

Resource from: CBCC Likes:2941

Aug 29,2005

SKF India Ltd. (a publicly-traded subsidiary of SKF AB, Sweden) reported record sales and earnings for second quarter ended June 30, 2005. Sales in the quarter were Rs 1.78 billion (USD $40.7 million), up more than 27% over 2004's Rs 1.39 billion ($31.8 million). Net profit reached Rs 196.1 million ($4.5 million), up more than 60% over 2004's Rs 122.4 million ($ 2.8 million). Both results represent record highs for the company, which is India's largest bearing manufacturer, with an overall 30% market share across OEM and replacement market sales. Inventory on hand at the end of the quarter was up Rs 40.7 million ($1 million) from the end of 2004's second quarter, in line with sales increases. Rakesh Makhija, Managing Director of SKF India, said: "We are pleased to announce a record performance for the company in the second quarter." Mr. Makhija went on to recap recent developments: "With a growing demand for SKF products and services, we are in the process of upgrading our capacity in Bangalore and Pune plants. This will enable us to continue to serve our customers better." In 2004, sales grew by 29%, straining capacity and prompting SKF's May announcement that it is in the process of investing at least Rs 1.3 billion (USD $30 million) in both Pune and Bangalore. Together, the two plants currently employ almost 2,000 people.

()

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous Kazakhstan President Nazarbayev visit Bearing Factory
Next Japan Sets Retaliatory Duties on U.S. Bearings and Steel

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.