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Drumbeat: Ad Buzzaar
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Tuesday, June 23, 1998
Apollo Tyres net up at Rs 40.7 crore
Our Corporate Bureau
NEW DELHI, June 22: Apollo Tyres has reported a higher net profit of Rs 40.7 crore on a lower turnover of Rs 1,365.2 crore for the year ended March 31, 1998. Apollo's total sales in the previous fiscal stood at Rs 1,413.7 crore and the net profit Rs 36.3 crore.The company's board has decided to maintain the dividend pay out at 40 per cent. The decline in turnover is on account of downward revision of excise duties, says a company release. The gross profit before depreciation showed an increase of 35.5 per cent at Rs 83.9 crore from Rs 61.9 crore registered in the previous fiscal. During the year, the company maintained a domestic market share of 20 per cent. Capacity utilisation, inclusive of tyres and tubes has also touched an all-time high of 1,14,000 mt. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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