Apollo Tyres Net Profits Fall Almost 90%
Apollo Tyres Ltd has reported a nearly 90 per cent fall in net profits in the third quarter of the company’s 2008/2009 financial year. Consolidated net profit after tax totalled just 89 million rupees (£1.254 million, 1.383 million euros) compared with 820 million rupees (£11.553 million, 12.749 million euros) in the previous year. The greatly reduced profits come off the back of a roughly 10 per cent decline in consolidated revenue, which fell from 12.4 billion rupees (£175 million, 193 million euros) to 11 billion rupees (£155.074 million, 171.234 million euros).