SKF India (Mumbai, India) released sales and earnings for first quarter 2001, showing profits off 50% on an 8.7% drop in sales.

Sales for 1Q2001 were Rs 84.2 crore (USD $18.3 million), from Rs 92.3 crore ($20 million) in 1Q2000. Profits fell 50% to Rs 1.7 crore ($369,000) from Rs 3.4 crore ($738,000).

Managing Director Torsten Nordgren said, "First quarter results have been impacted by lower demand from the aftermarket over the past three months. The weak demand from the aftermarket has been compensated partially by improved demand in the original equipment segments."

During the first quarter, 122 employees took voluntary retirement as part of SKF India's ongoing efforts to reduce its workforce.