Apollo Q1 earnings sink, sales off slightly

Gurgaon, India –  Apollo Tyres Ltd. suffered double-digit declines in operating and net income for the quarter ended June 30 on a slight dip in sales.

Apollo’s operating income for the fiscal 2018 first quarter fell 50.3% to $43.8 million on a 1-percent dip in sales to $505.9 million. Net income slid 72% to $13.7 million.

Chairman Onkar Kanwar said in a statement that the results reflect the impact of rising raw materials prices on Apollo’s operations, adding that materials’ prices have increased more than 30% in…

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