Guizhou Tyre declined in H1' 2016

Guizhou Tyre released on Aug. 20 the interim report for 2016.

The company realized business revenue of 2.62 billion yuan in the first half of this year, up 22.17% year on year; but the net profit attributable to shareholders plunged 177.26% to -50.62 million yuan.

In the first half of this year, the company produced 2.43 million tires, up 3.90% year on year; it sold 2.68 million tires, up 8.49%; and the export volume was up 4.02%, while the value of export delivery dropped 11.52%.

According to Guizhou Tyre, confronting severe operating environment, the companyinsists in satisfying market demand, improved the product, enhanced the innovation capacity, and lowered operating costs, but the move of its special tire project caused some impacts on the output and sales volume during the very period.

As of Jun. 30, the company’s special tire manufacturing project had completed about 30%.

The company believes that in spite of loss-making, it still preserves the core competitiveness.

The company boasts a national corporate technical center and a post-doctoral scientific research center; it is also a national leading company in the manufacturing industry.

The company owns 112 patents and some of its special tire products are widely appreciated by domestic and overseas markets.