SKF India Reports Third Quarter 2008 Results

Resource from: CBCC Likes:2937

Dec 01,2008

SKF India Ltd. (a publicly-traded division of SKF AB, Sweden) reported financial results for third quarter 2008, ended September 30. Sales were up 11.2% from 2007, reaching Rs 4.3 billion (USD $87.4 million). After-tax profit dropped slightly to Rs 370 million in the quarter, from Rs 430 million in 2007. Rakesh Makhija, Managing Director of SKF India, said: "Our Industrial business continued its strong run during the quarter. Demand from the Automotive Sector, particularly cars and commercial vehicles, remained weak as a result of high interest rates and an uncertain economic environment." Like most other bearing manufacturers worldwide, SKF India has seen costs rising. Mr. Makhija said: "Higher input material costs continued to put pressure on margins. We continue to work closely with our customers and suppliers to offset some of these adverse conditions. We are also stepping up our productivity and cost reduction programs through the use of Six Sigma and Lean tools. We believe that the economic situation will remain uncertain for some time and our focus is clearly on creating close customer partnerships to help them achieve their stated goals and objectives." SKF has bearing manufacturing facilities in Bangalore and Pune. During third quarter, the company laid off approximately 100 temporary workers. However, with new facilities coming online, SKF India's employment is set to rise above well its current level by the end of 2009.

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