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Apollo Net Sales Up 24% in Q1

The unaudited Apollo Tyres results for the first quarter of the 2009-10 financial year, announced on July 23, show an overall year-on-year 24 per cent growth in revenues to Rs 16.3 billion (£204.8 million). Operations within India alone generated sales of Rs 11.8 billion (£148.3 million). Earlier in the day, shareholders approved an annual dividend payout of 45 per cent per share for the year ended March 31, 2009.

“Your company’s continuing attention to increasing efficiencies across the board and re-aligning costs to protect margins have paid high dividends,” commented Apollo Tyres chairman Onkar S Kanwar. “This has assisted us in improving margins and enabled your company to remain competitive.”

23rd July 2009/by Tyrepress Editors

Pirelli Shareholder Camfin Negotiates Capital Increase

Camfin SpA, the largest shareholder in Pirelli parent company Pirelli & C SpA, has negotiated with its banks regarding a 100 million euro capital increase and a rescheduling of its debt. Camfin’s controlling shareholder GPI, along with a consortium of banks, will guarantee all of the capital increase, Reuters reported. Three new directors will also be appointed to Camfin’s board, making a total of 15 directors.

The banks participating in the debt deal include Banco Popolare, UniCredit, Banca Monte dei Paschi di Siena, Intesa Sanpaolo SpA and Banca Popolare di Milano. “The agreement foresees in addition that up to end of 2011 there will be no dividend distribution and that by 2012 the 49 per cent stakes in Pirelli & C Ambiente SpA and Pirelli & C EcoTechnology are sold,” the company said.

15th June 2009/by Tyrepress Editors

Titan International Announces Q2 Dividend

Titan International’s Board of Directors has approved a quarterly cash dividend of US$.005 (one half cent) per common share for the second quarter of 2009. The cash dividend is payable July 15, 2009, to stockholders of record on June 30, 2009.

11th June 2009/by Tyrepress Editors

Cooper Announces Quarterly Dividend

Cooper Tire & Rubber announced on May 5 its intention to pay shareholders of record at the close of business on June 2, 2009 a quarterly dividend of 10.5 cents per share on common stock. This dividend, payable June 30, 2009, will become the 149th consecutive quarterly dividend paid by the company.

6th May 2009/by Tyrepress Editors

Cooper to Issue Quarterly Dividend

Cooper has announced that it will once again be issuing its shareholders with a quarterly dividend of 10.5 cents. This will be the 148th consecutive quarter in which the company will be making this openhanded display to its shareholders. Considering current market conditions the continuation of the 10.5 cents payment – a figure first reported on Tyrepress.com in June 2002 – shows Cooper’s determination to project an image of business proceeding as normal throughout the downturn.

The dividend will become payable on common stock at close of business on 31 March, 2009, while stockholders of record will receive their payment at stumps on 9 March.

25th February 2009/by Tyrepress Editors

Yokohama Rubber Lowers Sales and Earnings Projections

Yokohama Rubber has downwardly revised its sales and earnings projections for the fiscal year to March 31, 2009. Company management now projects consolidated net sales of 523.0 billion yen (£4.2 billion), down 5.2 per cent from the previous fiscal year; consolidated operating income of 14.0 billion yen (£113 million), down 57.7 per cent; and a consolidated net loss of 7.0 billion yen (£56.5 million), down from a consolidated net profit of 21.1 billion yen in the previous fiscal year. The revised projection for net sales is 6.1 per cent lower than the projection Yokohama announced on November 12, 2008; the projection for operating income 46.2 per cent lower; and the projection for net income 16.5 billion yen (£133.2 million) lower. Management is reconsidering the year-end dividend of 7 yen that it had planned to recommend.

22nd January 2009/by Tyrepress Editors

Titan International Announces Q4 Cash Dividend

The Board of Directors of Titan International has approved a quarterly cash dividend of US$.005 per common share for the fourth quarter of 2008. The cash dividend is payable January 15, 2009, to stockholders of record on December 31, 2008

11th December 2008/by Tyrepress Editors

Dunlop Nigeria to Cease Local Production

International News, Product News

At Dunlop Nigeria’s Annual General Meeting on December 2 the company formally announced it will end local tyre production. This announcement comes half a year after production was cut back, and operating conditions within Nigeria, including an unreliable power supply, are said to be key factors behind the decision.

3rd December 2008/by Tyrepress Editors

Cooper Continues Dividend Run

On Friday, Cooper announced a quarterly dividend of 10.5 cents per share on common stock. The proceeds are payable on 30 December, 2008 to stockholders of record at the close of business 2 December, 2008. The payment will mark the 147th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.

24th November 2008/by Tyrepress Editors

Cooper to Pay 10.5 Cent a Share Quarterly Dividend

Cooper Tire & Rubber announced on July 31 a quarterly dividend of 10.5 cents per share on common stock, payable September 30, 2008, to stockholders of record at the close of business September 2, 2008. This payment will mark the 146th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.

1st August 2008/by Tyrepress Editors

Voronezh Factory to Pay no Amtel-Vredestein Dividend

Russian media has reported that Amtel-Vredestein shareholders will receive no 2007 dividend from the Amtel Chernozemye tyre factory in Voronezh, Russia, following a decision made at the facility’s annual meeting on June 9. The 2007 profit will instead be retained.

A second tyre making facility at the site – Voronezh-2 – is scheduled to enter series production in the near future, and will have a capacity of 2.5 million tyres per annum. The Voronezh-2 plant will bring the number of facilities operated by the company to four; factories also operate in Kirov (Amtel Povolzhye) and the Enschede, the Netherlands (Vredestein).

19th June 2008/by Tyrepress Editors

Pirelli Share Capital Reduction Concluded

Pirelli & C. SpA has given notice that the stock exchange offer of 4,491,769 company savings shares that were the object of withdrawal and not bought in the context of the option offer that closed on 27 February, was concluded on 26 March 2008 without any purchases taking place. Therefore, according to law, the company has on March 27 purchased all such shares that were not placed, at a unit price of 0.8055 euros – a total amount of about 3.6 million euros – using available reserves.

The liquidation value of these savings shares is to be paid to the appropriate parties, through their respective intermediaries, on 31 March 2008. Furthermore, reports Pirelli, there is no creditor opposition to the company regarding the share capital reduction upon expiration of the legal terms. Pirelli has therefore confirmed that the “extraordinary dividend” of 0.154 euros per each ordinary and savings share will be paid on 3 April 2008 (ex dividend 31 March 2008).

28th March 2008/by Tyrepress Editors

Pirelli Forecasts Little Growth in 2008

This year’s outlook for Pirelli & C SpA, according to a March 26 forecast, is one in which very little growth is expected. The company predicts its results will remain flat, and Pirelli further announced the postponement of its new three-year business plans, anticipated to be made public in May. The company has blamed volatile markets for this decision. “We confirm business operating results in line with 2007 not withstanding a continuous pressure and volatility on raw material costs in the tyre business,” said Pirelli chairman Marco Tronchetti Provera during a conference call on Pirelli’s 2007 results. “By the end of September to mid-October, we should have a better vision of future results.”

27th March 2008/by Tyrepress Editors

Delticom Announces 2-Euro Dividend

Delticom AG achieved 12.3 million euros of consolidated in 2007, meaning pre-tax profits are up 21 per cent year-on-year. The 12.3 million euro EBIT figure is towards the top end of the 12.0 – 12.5 million euro projection the company gave in December 2007; and represents a margin of 5.7 per cent.

According to the preliminary unaudited figures, revenues amounted to 215 million euros, up slightly on the 214 million reported euros on 31 January 2008. Consolidated net income was also up 33 per cent to 8.4 million (previous year: 6.3 million euros).

5th March 2008/by Tyrepress Editors

Cooper Announces 144th Quarterly Dividend

Cooper Tire & Rubber Company is to pay a quarterly dividend of 10.5 cents per share on common stock 31 March, 2008, to stockholders of record at the close of business 10 March, 2008. The payment represents the 144th consecutive quarterly dividend made by Cooper Tire & Rubber Company.

28th February 2008/by Tyrepress Editors