Apollo Europe profits fall sharply in Q2
Apollo Tyres reports that sales fell in the second quarter – the Apollo Tyres-fiscal year runs from April 2015 to March 2016 – by 10.5 per cent to 29.8 billion rupees (417 million euros). Meanwhile, operating profits of 70 million euros represent a decline of just 2.3 per cent at 5 billion rupees. Net income, however, rose 8.1 per cent to 2.8 billion rupees (39 million euros).
Furthermore, the Indian tyre manufacturer reported a particularly significant decline in numbers. In the second quarter (July to September) sales fell 19.3 per cent to 8 billion rupees (112.4 million euros). Looking across the first six months, there was still 15.9 per cent drop to 15.7 billion rupees (220 million euros).
As a result, Apollo Tyres reported 436 million rupees (6.1 million euros) profit in Europe in the second quarter, a decrease of 67.9 per cent. In the first half of the numbers still 46.3 per cent down at 1.3 billion rupees (18 million euros).