Business Daily from THE HINDU group of publications
Friday, Jan 23, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Friday, Jan 23, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Financial Performance Corporate Results - Tyres Apollo Tyres net down 91% Our Bureau New Delhi, Jan. 22 The dip in vehicle sales and 35 per cent increase in raw material costs has led to Apollo Tyres post a 91 per cent drop in its standalone net profit to Rs 5.5 crore for the quarter ended December 2008 as against Rs 62.1 crore in the same period the previous fiscal. The company said despite the raw material prices falling since September, their raw material costs have been higher compared to the third quarter of the previous year. With supplies to vehicle companies down by 43 per cent in value, the company’s net sales were also lower by 7 per cent to Rs 903.2 crore as against Rs 974.1 crore in the same quarter in the previous fiscal. “The past six months have been very challenging for the automotive industry and our results are a reflection of the situation. ,” said Mr Onkar S. Kanwar, Chairman and Managing Director, Apollo Tyres Ltd. Talks to end deadlock at Apollo Tyres unit fail again Apollo declares lockout in Kalamassery unit Apollo Tyres net profit down 85% More Stories on : Financial Performance | Tyres
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