Financial Daily from THE HINDU group of publications
Friday, Oct 29, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 29, 2004 |
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Corporate Results
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Tyres Apollo Tyres Q2 net down 13.95% Our Bureau
New Delhi , Oct. 28 APOLLO Tyres Ltd on Thursday reported a 13.95 per cent decline in net profit for the second quarter ended September 30 at Rs 14.87 crore, against a net profit of Rs 17.28 crore recorded in the same period last year. Net sales of the company for the period under review, however, increased by 5.32 per cent to Rs 606.86 crore (Rs 576.20 crore). Other income for the quarter stood at Rs 12.97 crore (Rs 1.23 crore) Commenting on the financial performance of the company, Mr Neeraj Kanwar, Chief Operating Officer, said: "Higher prices of petroleum have had a negative impact on our profitability as petro-based chemicals form around 55-60 per cent of the raw material cost." For the six months period ended September 30, Apollo Tyres has reported a net profit of Rs 30.50 crore on a net sales of Rs 1,222.23 crore. Regarding the restriction on adjustment of credit on additional excise duty, Apollo Tyres held that the restriction brought about through the Finance Act 2004 would impact it to the tune of Rs 26.11 crore (net of tax). This amount will be adjusted against the opening general reserve at the year-end, the company said.
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