Indian Manufacturers Publish Quarterly Results
(India/Rubber Asia) Leading Indian tyre maker, Apollo Tyres Ltd, reported a net profit of 166.9 million rupees (£2.2 million) for the first quarter of the current financial year, ended 30 June, up 13.6 million rupees (£180,000) compared with the same period last year.
Apollo’s net sales in the first quarter stood at 5.68 billion rupees (£75.1 million), up 11 per cent over the previous year, according to the company. Profit before tax rose to 250.7 million rupees during the April-June 2005 period from 233.8 million rupees during the year-ago period.
For the year ended 31 March 2005, the company has approved a 45 per cent dividend payment amounting to 4.50 rupees per share of the face value of 10 rupees. This is the tenth consecutive year the company has declared a dividend of over 40 per cent.
MRF’s Q3 net profit dips
Meanwhile, another of India’s largest tyre manufacturers, MRF, has reported a drop in net profit to 168.8 million (£2.2 million) rupees in the third quarter ending 30 June, 2005 compared with 170.9 million rupees in the same quarter last year.
However, net sales in the quarter, improved to 7,951.2 million rupees (£100.42 million) against 6,562.2 million rupees a year ago, the company has reported.
In the first nine months (October 2004 to June 2005), net profit dropped to 289.6 million rupees, compared with 469 million rupees last year.