GURGAON, India (Oct. 24, 2008) — Apollo Tyres Ltd.'s net profits slide 34 percent while sales jumped 16 percent in the first half.
The Indian tire maker said net profits fell to about $14.8 million in the first six months of the fiscal year, while sales rose to $520 million. For the second quarter, net income tumbled 74 percent to $3 million, despite a more than 16-percent increase in sales.
Apollo Tyres Chairman Onkar S. Kanwar said he believes the worst might be behind the firm, and Apollo is focusing consistent growth in sales, especially in South Africa.