Financial Daily from THE HINDU group of publications
Friday, Jul 26, 2002
Financial Daily from THE HINDU group of publications Friday, Jul 26, 2002 |
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Corporate Results
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Bearings, Castings & Forgings Higher sales help SKF Bearings to improve profit Our Bureau
NEW DELHI, July 25 SKF Bearings India Ltd today announced an increase in net profit by 11.5 per cent at Rs 4.27 crore for the quarter ended June 30, 2002, up from Rs 3.83 crore in the corresponding period last year. The company has attributed the rise to increase in sales turnover. Sales increased by 21.75 per cent to Rs 105.24 crore during the April-June period this year from the Rs 86.4-crore achieved in the same quarter in the previous year. The company's performance was also boosted by a sharp reduction in interest costs. Interest costs fell by 28 per cent as the company retired high-cost debts by deploying the proceeds from the rights issue. It has managed to bring down the interest costs to a level of around three per cent of its sales.
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