Apollo Tyres Q2 profit declines 59 percent

November 11th, 2010 - 6:57 pm ICT by IANS  

New Delhi, Nov 11 (IANS) Apollo Tyres Thursday reported a net profit at Rs.53 crore for the second quarter ended Sep 30 as against Rs.129 crore during the same period last fiscal, a decline of 59 percent.

The total income of the company stood at Rs.1,949 crore for the quarter under review as compared to Rs.2,049 crore in last fiscal’s Q2, Apollo said in a regulatory filing.

The company attributed this decline to the high input costs, especially the rubber prices hurting margins.

“It’s been a very difficult six months managing the unprecedented rise in natural rubber prices. Even when international natural rubber prices were significantly lower than Indian prices, we were unable to import in large quantities due to the duty policy of the government,” said Onkar S. Kanwar, chairman of Apollo Tyres.

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