Financial Daily from THE HINDU group of publications
Thursday, Jan 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 29, 2004 |
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Corporate Results
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Tyres Apollo Tyres net down on high natural rubber prices Our Bureau
New Delhi , Jan. 28 HIGH natural rubber prices have continued to impact the bottom line of the Rs 2,000-crore Apollo Tyres Ltd (ATL), which has reported a 38.59 per cent decline in net profit for the quarter ended December 31, 2003 at Rs 15.64 crore (Rs 25.47 crore). Net sales during the period increased to Rs 572 crore from Rs 514 crore. "High raw material prices, especially that of natural rubber have impacted our bottom line. Natural rubber prices during the quarter under review is about 30 per cent more than the price levels in the same quarter last year", Mr Sunam Sarkar, Chief-Strategy and Business Operations, Apollo Tyres, told Business Line here. For the nine-month period ended December 2003, the company reported a net profit of Rs 51.64 crore on sales and other income of Rs 1,692.44 crore as against a net profit of Rs 74.44 crore on sales and other income of Rs 1,483.34 crore in the same period last year.
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