Apollo Net Profit Up to First Quarter

(India/Rubber Asia) Leading Indian tyre maker, Apollo Tyres Ltd, reported a net profit of 166.9 million (£2.07 million) for the first quarter ended 30 June against 156.3 million rupees last year.

Apollo’s sales in the first quarter stood at 5,680.9 million rupees, up by 11 per cent over 5,115.5 million rupees recorded during the year ago period. Profit before tax rose to 250.7 million rupees from 233.8 million rupees during the same period last year.

For the year ended 31 March 2005, the company has announced a 45 per cent dividend payment amounting to 4.50 rupees per share of face value 10 rupees. This is the tenth consecutive year the company is declaring a dividend of over 40 per cent.