NEW DELHI (Jan. 26, 2009) — JK Tyre & Industries Ltd. has said a loss in the fourth quarter has brought its annual results down.
The company has changed its financial year, so the current year comprises 15 months to Dec. 31, 2008, rather than the standard 12 months.
In the three months ended Dec. 31, the company reported sales up by 6 percent to $179.3 million but the company said it made a pre-tax loss of $7.6 million compared with a profit of 7 million a year ago.
The 15 months ended Dec. 31 showed an operating profit of $4.2 million, down from the profit of $20.6 million recorded in the 12 months to September 2007.
Raghupati Singhania, vice chairman and managing director, said the economic slowdown leading to a drop in demand for tires in conjunction with material prices led to the subpar results.