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Apollo Tyres to slash 1,500 jobs

February 12, 2009 12:40 IST

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Apollo Tyres [Get Quote] on Thursday said it is looking at laying off about 1,500 of its workforce.

We are looking at about 15 per cent of contract and casual labours  (for job cuts). We are not going to cut permanent jobs," Apollo Tyres CMD Onkar Singh Kanwar said on the sidelines of the Ficci AGM.

The company has about 10,000 workforce and are looking to cut roughly 1,500 jobs, he said.

On the company's performance, Kanwar said in the current fiscal  Apollo will be doing better than the industry average.

However, the company had reported a 91 per cent decline in its net profit at Rs 5.50 crore for the third quarter ended December 31, 2008.

Even the nine-month period ended December 31 saw a 61% decline in net profit. The company had attributed the lower performance to a slump in demand, among other reasons.  

Apollo Tyres' total income had dipped 7.27 per cent to Rs 903.25 crore (Rs 9.03 billion) for the third quarter.

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