Apollo Tyres post a 33 pc rise in June quarter sales

Gurgaon, India -- Apollo Tyres has announced a 33 per cent rise in June quarter sales and a 20 per cent increase in volume, compared to the same time last year.

The Indian tyre-manufacturer posted net sales of 5.7 billion rupees (£67.3 million) for the quarter and 26.3 billion rupees (£309 million) for the 2005-6 financial year.

Apollo reported a net profit for the 12 month period of 781.7 million rupees (£9.2 million) and 162.6 million rupees (£1.9 million) for the quarter.

Apollo chairman and managing director Onkar S Kanwar said times were challenging for the tyre industry.

''We have registered very healthy growth in sales, even as we continue to battle the rising raw material prices by squeezing out all unnecessary costs.

''The steep hike in natural rubber prices and crude have left us with little alternative but to pass on some price increases to our customers.''