Firms see solid first qtr.(News)

Tire Business, May, 2007

First quarter results varied among tire industry companies with most gaining in sales and showing net profits.

Bandag Inc., Continental A.G., Bridgestone Corp. and Group Michelin all reported solid performances during the quarter, while India's Apollo Tyres Ltd. reported record annual sales and profits. Goodyear and Titan International Inc. both posted net losses for the quarter.

Apollo Tyres

Apollo Tyres, aided by the first-time inclusion of results from Dunlop Tyres International in South Africa, reported $950 million in sales for the fiscal year ended March 31, an increase of 63.5 percent over fiscal 2005-06.

Apollo's operating profit jumped by a similar percent to $90.6 million, raising the operating margin slightly to 9.5...

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