SKF India Report Q2; Net Profit Growth 97 per cent

Mumbai: The board of directors, SKF India Limited, India's leading bearings manufacturing and engineering services company, today approved the unaudited financial results for the second quarter ended June 30, 2004.

The financial highlights are given below in comparison to last year: -

• SKF India reported a profit before taxes for the second quarter 2004 of Rs.195 million up from Rs90 million in the same period last year. The profit for the first-half of 2004 was Rs.386 million up from Rs171million.
• Net profit for the second quarter amounted to Rs122 million, and net profit for the first-half was Rs256 million compared to Rs62 million and Rs112 million respectively last year.
• Earnings per share for the second quarter were Rs2.7 and for the first-half, Rs.5.7 up from Rs1.4 and Rs2.5 respectively last year.
• Net sales for the second quarter amounted to Rs.1386 million and for the first-half to Rs.2687 million compared to Rs1107 and Rs2171 respectively. This is a growth of 25 per cent for the quarter and 24 per cent for the first half of 2004

"SKF is completely focused on the emerging opportunities in India. During this quarter we completed the acquisition of the business of Vibration Engineers & Consultants in Chennai. Through this acquisition, we will build on growing our ''reliability systems'' business, a key initiative to provide high-end maintenance and reliability solutions to the manufacturing industry. We will continue to invest to grow our business here." said Rakesh Makhija, Managing Director, SKF India Ltd.