Apollo Vredestein Sees 27% Increase in Annual Net Profits - Tire Review Magazine

Apollo Vredestein Sees 27% Increase in Annual Net Profits

The Apollo Vredestein BV division of Apollo Tyres Ltd. reported increased net profits for 2012-13 compared to the previous year, despite a slight slump in net sales.

The tiremaker reported net sales of 425.5 million euros for 2012-13, compared to 426.9 million euros in 2011-12. Operating profit increased some 20% to 61.9 million euros from 51.3 million in 2011-12, while net profit increased by more than 27% from 36.5 million to 46.6 million euros.

The total replacement consumer tire market in Europe for the 2012-13 financial year was down 13%, with reduced sales in nearly all categories. In terms of volume, the sale of passenger car tires declined by 4%, and agricultural tires by 11%. However, the company’s market share went up and a better sales mix resulted in higher average sales prices, according to the tiremaker.

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