JK Tyre Q3 net profit dips 87% to Rs11 crore
Total income of JK Tyre, 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
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.
- GAIL seeks to invest in start-ups solar power plants
- Jet Airways likely to sub-lease 7 ATR planes to TruJet
- Malaysia’s Axiata relinquishes major rights in Idea ahead of Vodafone merger
- BPCL Mumbai unit to remain shut for at least 2 months after fire
- Supertech to invest ₹800 crore this fiscal on various projects to deliver 10,000 flats
Editor's Picks »
- Rise in extreme weather events in India raises concerns over climate change impact
- US, China set to resume talks to resolve stand-off over trade
- NAA plans to knock on factory gates to enforce GST rate cuts
- Paintbrush meets pixel at India’s first Artificial Intelligence art show
- Water, vector-borne disease outbreak looms over Kerala