Apollo Tyres' turnover also reduced to Rs 366.36 crore for the second quarter as against Rs 389.56 crore in the corresponding period the previous year.

During the period, the company recorded a gross profit of Rs 19.20 crore as against Rs 22.46 crore in the previous year.

For the first half this year, the company recorded net sales of Rs 535.33 crore, gross profit of Rs 28.68 crore and a net profit of Rs 14.39 crore.

When compared to the first quarter ended June 30, the net sales in the second quarter have risen by 116 per cent from Rs 168.97 crore to Rs 366.36 crore. Gross profit increased by 102 per cent from Rs 9.48 crore to Rs 19.20 crore and net profit has risen from Rs 3.43 crore to Rs 11.50 crore.

According to a release, industrial relations at Kerala whichlasted for more than three months from April 10, 1998 to July 18, 1998, led to a sharp decline in productivity and profit levels of the company in the first quarter.

The company's board adopted the unaudited results on Monday. The paid-up capital of the company increased to Rs 33.05 crore during the second quarter this year, as against Rs 30.04 crore in the previous year.