GURGAON, India (Feb. 12, 2014) — Apollo Tyres Ltd. reported double-digit gains in operating and net earnings for the quarter ended Dec. 31 despite $10 million in expenses connected with the termination of the merger with Cooper Tire & Rubber Co.
Apollo's sales for the quarter rose 10.6 percent to $653 million despite lower revenues from the firm's South African operation, which sold a portion of its business last year to Sumitomo Rubber Industries Ltd.
Net income shot up 87.2 percent to $62 million, or 9.5 percent of sales; operating income was up 51.2 percent to $113.5 million, or 17.4 percent.
For the nine months ended Dec. 31, net income rose 53.5 percent to $132.7 million on 4.4-percent higher sales of $1.87 billion. Operating earnings were up 29.8 percent to $274.1 million.