JK Tyre’s Q3 net profit drops 87.3% y/y to USD1.7 million
Restructuring of Mexican subsidiary impacts Indian tire-maker’s financial performance
JK Tyre has reported 87.3% year-over-year (y/y) decline in net profit to INR109.7 million (USD1.7 million as on 31 December 2017) for the third quarter ended 31 December 2017, the Indian tire-maker said in a regulatory filing to the Bombay Stock Exchange (BSE). The company also witnessed 82% y/y drop in profit before tax to INR230.7 million. JK Tyre reported sharp decline in earnings despite reporting 6.8% y/y growth in revenue to INR21.23 billion.
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