Apollo profits fall by 90 percent in Q3

ERJ staff report (DS)

Gurgaon, India — Apollo Tyres reports sales down and profits sharply down on slower demand for the three months ended 31 Dec., 2008. The company said consolidated net profit fell to Rs 89 million (Euro 1.4 million), compared with Rs 820 million in the corresponding quarter last year. Consolidated sales fell to Rs 11 000 million (Euro 170 million) from Rs 12 400 million for the three-month period.

Sales in India also tumbled, falling to Rs 9033 million from Rs 9741 million for…

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