ERJ staff report (DS)
Gurgaon, India - Sales and profits at Apollo Tyres have continued their booming trend in the three months and nine months to 31 December 2011.
The company reported three-month net sales of Rs 32 282 million (euro 492 million), up from Rs 23.7 billion a year earlier. In the nine months, sales reached Rs 89.2 billion, up from Rs 61.4 billion in the same period a year ago.
Profits also grew, but less spectacularly, due to increased cost of raw materials. Operating profit rose to Rs 2420 million in the three months, from Rs 2058 million. In the nine months, profits grew to Rs 5704 million from Rs 4589 million.
Affecting the results this year was a fine of ZAR 45 million imposed by the South African authorities for cartel activities in the country. Apollo said the company had decided not to contest the allegations to permit it to move forward and concentrate on its business operations.
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Results statement from Apollo