GURGAON, India—Apollo Tyres Ltd. suffered double-digit drops in net income and sales in the quarter ended Dec. 31 as the company absorbed costs of restructuring its South Afri-can operations.
Third-quarter net income fell 18.5 percent to $29.5 million as sales slipped 11.1 percent to $497.9 million. Operating profit fell slightly to $80.9 million.
For the nine-month period, the Gurgaon-based tire maker reported net income of $110.2 million and sales of $1.58 billion, drops of 0.1 and 4.7 percent, respectively. Operating income rose 6.5 percent to $242.2 million.
Apollo attributed the decline to costs related to its “rescue plan” for South Africa, which resulted in the Durban, South Africa, plant being closed.