New Delhi, Aug 7 Major tyres manufacturer Apollo Tyres Ltd on Wednesday reported a consolidated net profit of Rs 166 crore for the first quarter ended June 30, 2013 up 19 per cent from Rs 139 crore in the corresponding period last year.

Net sales remained flat at Rs 3,190 crore during the quarter against Rs 3,165 crore in the same quarter previous year, the company said in a statement.

Operating profit rose 12 per cent to Rs 404 crore during April-June quarter this year from Rs 361 crore in the April-June quarter last year.

The shareholders approved the annual dividend payout of 50 per cent per share, for the year ended March 31, 2013 during the annual general meeting held earlier in the day.

“It is a challenging time for the automotive industry, with sales slowing for most vehicle makers. However, our leadership in the high-margin truck-bus radial segment in India, along with an increased focus on the replacement market across geographies, has helped us increase our profitability,” Onkar S. Kanwar, Chairman, Apollo Tyres Ltd, said.

European operations

Apollo Tyres’ European operations, continuing its strong performance, registered an increase of six per cent in revenues during the quarter compared to the same period last year.

Net sales for the company’s South African operations also grew 13 per cent amid concerns of growing imports of tyres from China, he said.

Cooper Tire deal

On the acquisition of US-based Cooper Tire & Rubber Company, he said: “We remain committed to closing this compelling transaction. Both companies are working towards securing all necessary approvals to close the deal, which is expected to happen by the third quarter of this fiscal.”

Shares of Apollo Tyres were trading at Rs 62.30 on the Bombay Stock Exchange, down 1.35 per cent from the previous close.

ronendrasingh.s@thehindu.co.in