Apollo Vredestein fiscal year profits up
Apollo Vredestein B.V. posted net income of 46.6 million euros on net sales of 425.5 million euros for its 2012-13 financial year. That compares to net income of 36.5 million euros on net sales of 426.9 million euros for its previous financial year.
Based on the exchange rate on March 31, 2013, Apollo Vredestein reported net income of $59.5 million on net sales of $543.7 million for its fiscal 2012-2013. Its income-to-sales ratio was 10.9 percent.
For the 2012-13 fiscal year, Apollo Vredestein reported:
* Net sales of 425.5 million euros compared to 426.9 million euros in 2011-12;
* Operating profit of 61.9 million euros versus 51.3 million euros the prior year (up 20%); and
* Net income of 46.6 million euros versus 36.5 million euros the prior year (up 27%).
The company says the total replacement consumer tire market in Europe for the 2012-2013 financial year was down 13%, with reduced sales in nearly all categories.
Despite the significant contraction in the market, the company says net sales remained stable. 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.
Apollo Vredestein BV is part of Apollo Tyres Ltd. For more information, visit www.apollovredestein.com.