Apollo Results Show Growing Profits & EU Presence
The board of directors at Apollo Tyres made public details of the company’s unaudited second quarter and half-year results on October 26, figures that indicate strong profits. Combined India and South Africa net sales for the quarter between 1 July and 30 September were recorded as Rs 10,848.97 million (£134 million), slightly lower than the same period a year earlier (Rs 10,903.43 million). However, profits trebled: The Rs 182.18 million (£2.25 million) profit gained in second quarter 2006 swelled to Rs 576.09 million (£7.11 million) this year. Half year profits for the six months ended September 30 showed a similar trend, growing from Rs 298.69 million (£3.69 million) to Rs 1,122.5 million (£13.86 million).