GURGAON, India—Apollo Tyres Ltd. has approved its unaudited results for fiscal 2015, experiencing slight declines in net sales and net income for both the quarter and the nine-month period.
The firm reported third quarter sales at $497.9 million and net income at $29.5 million, decreases of about 11 percent and 45 percent.
For the nine-month period, the Gurgaon-based tire maker reported sales of $1.58 billion and net income of $110.2 million, which were decreases of about 28 percent and 33 percent.
Apollo attributed the decline to costs related to its proceedings with its Durban, South Africa, facility—which it plans to close. The firm said all dues to bankers and externals suppliers have been cleared, and the payouts due to the affected employees were accounted for in the third quarter.
“We have maintained our profit margins, despite accounting for all charges related to the rescue plan of our South African subsidiary,” Apollo Chairman Onkar S. Kanwar said in a statement. “I am pleased to inform that we have been able to secure the best value for all the stakeholders.”
The chairman added that the uncompetitive cost structure in the South African market along with continuous labor unrest and other related issues prompted the decision to close the Durban facility.
The board also approved the appointment of Raj Banerji as chief financial officer of the company, taking over from Sunam Sarkar, who was designated as president and chief business officer in November 2014.