Apollo's nine-month profits fall on higher NR prices

ERJ staff report (DS)

Mumbai, India -- Apollo Tyres has reported lower profits on slightly higher sales for the nine months to 31 December 2010

The company reported nine-month sales up by around 2 percent at Rs 61 382 million (euro 992 million) from Rs 59 774 million a year ago. However, raw materials costs for the nine months rocketed to Rs 38 700 million from Rs 28 000 million. As a result, operating profits fell to Rs 4700 million from Rs 6870 million.

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Press release from Apollo via BSE stock exchange