NRB Bearings Ltd. (India; BSE SMALLCAP: 530367) reported second quarter 2008 results, for the period ended September 30, 2007.

Net Sales (sales less excise duty) for the quarter were INR782 million (USD $20 million), up more than 7% from second quarter 2007's INR730 million ($18.6 million).

The company reported net profit fell sharply, to INR63 million ($1.6 million) from 2007's INR98 million ($2.5 million).

Long-troubled subsidiary SNL Bearings Ltd. continued its recovery, posting combined first-half profit totaling INR7.7 million ($200,000).

Company President Harshbeena Zaveri, said: "Despite a continued sluggish growth in the first half in 2-wheelers and commercial vehicle sales numbers, we were able to grow 11% by focusing on other segments and exports. We will continue to focus on growth with automotive OEM customers in India and overseas and on waste elimination measures to maintain profitability at levels achieved in the last fiscal."

NRB was recently named to the Forbes magazine list, "Asia's 200 Best Under a Billion." Forbes evaluated more than 22,500 publicly listed companies across 14 Asian and Pacific rim countries, assessing consistent performance, sales and profit growth over the past three years. From India, 16 companies made the list. Of those, NRB Bearings is one of only three involved in heavy manufacturing.

eBearing article: NRB named for Forbes Best list
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