JK Tyre Q3 net profit dips 87% to Rs11 crore
New Delhi: Tyre manufacturer JK Tyre & Industries on Monday said its consolidated net profit declined by 86.9% at Rs11.32 crore for the third quarter ended December 2017.
The company had reported a net profit of Rs86.46 crore for the same period of previous fiscal. Total income of the company, however, increased to Rs2,135.40 crore for the third quarter as against Rs1,991.95 crore in the same period of previous financial year, JK Tyre said in a statement.
“A labour restructuring was successfully completed at Tornel, Mexico, which impacted the operations during the quarter, however, will give rich dividends in the coming period,” JK Tyre & Industries chairman & managing director Raghupati Singhania said.
The imposition of much awaited anti-dumping duty on cheap Chinese truck/bus radial tyres is indeed a welcome step and will further help enhancing volumes, he added. Shares of the company on Monday ended 7.6% up at Rs190.35 on the BSE.