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Apollo earns $12 million in third quarter

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Apollo Tyres Ltd. recorded net income of 541 million rupees on net sales of 14.3 billion rupees for its third quarter ended Dec. 31, 2010. That compares to income of 1 billion rupees on sales of 13.2 billion rupees for the same period a year earlier.

Based on the exchange rate on Dec. 31, 2010, Apollo posted net income of $12 million on sales of $137.3 million for the third quarter of its 2011 fiscal year. The company's income-to-sales ratio is 8.7%.

For the first nine months, Apollo recorded net income of 1.3 billion rupees on net sales of 37.3 billion rupees. That compares to income of nearly 3 billion rupees on sales of 37.2 billion rupees for 3Q of fiscal 2010.

The results are unaudited.

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