SKF Bearings India Reports First Quarter Results

SKF Bearings India Ltd. (a publicly-traded, 54%-owned subsidiary of SKF AB, Sweden) reported strong sales and earnings for the first quarter 2004, leading to equally strong profits Sales in the quarter rose 22% from 2003, to Rs 1.3 billion (USD $29.4 million). The division's operating margin also improved, hitting 15% from 14% a year ago. Consequently, net profit hit Rs 134 million, up more than 122% from 2003. The largest bearing manufacturer in India, SKF employs over 2,000 people in three manufacturing facilities. While exports account for a growing proportion of sales, the company is also focusing on increasing sales through its network of 225 distributors in India, where it enjoys a leading 29% market share.