ERJ staff report (DS)
Gurgaon, India, -- Apollo Tyres Ltd, has published unaudited second quarter and half-yearly results for the period to September 2009.
Revenues for the six months were up by 16 percent, to Rs 25 800 million (Euro 409 million), while consolidated net profit fell 34 percent to Rs 737.6 million (Euro 11.7 million). The decline in profit in the three months to Sept 09 was even steeper. Net profits for the three months fell 74 percent, to Rs 151 million, from Rs 576 million a year ago. Sales in the three month period increased by just over 16 percent.
Commenting on the quarter gone by, Chairman Apollo Tyres, Onkar S Kanwar, said: â€œIt has been a testing quarter for the company and us as an industry, but I do believe that the worst might be behind us and it's time to plan for the future. The positive that I take from here is a consistent growth in sales, especially in South Africa, where we are able to now reap the benefits of our manufacturing and marketing excellence with a near 30 percent sales growth this quarter.â€