SKF net profit crosses Rs 1,000 million in 2006

Bangalore, Feb 21 (UNI) SKF India Limited, a leading technology and solutions provider, has registered a 59.1 per cent growth in net profit at Rs 1,019.6 million for the 12 months, ended December 31, 2006.

According to the audited financial results for 2006, approved by the Board of Directors, which met today, the net profit for the quarter ended December 31, 2006, was Rs 317.3 million.

Net sales of the company for the quarter ended December 31, 2006, rose to Rs 3,792.6 million as against Rs 2,491 million in the same period last year, registering a growth of 52.3 per cent.

The Profit Before Tax (PBT) for the fourth quarter stood at Rs 475.4 million as against the previous quarter's Rs 185.1 million.

PBT for the 12 months ended December, 2006, was Rs 1,531.4 million, up by 48.6 per cent over the same period last year.

Commenting on the results, SKF India Managing Director Rakesh Makhija said ''we have seen our highest sales in quarter four, led by strong customer demand across all businesses. Our position across all customer segments was strong with many new opportunities emerging. Our technology platforms continue to drive growth beyond bearings. We see this trend continuing in 2007.'' UNI MSP GD GM1713