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Major tire makers Q1 performance down on higher costs

Major tire makers in China witnessed declined performance in the first quarter of 2017, due to surging prices of raw materials.

Triangle Tire reaped net profits of 157 million yuan in the first quarter, a 2.63-percent decline from a year ago, and a 39.1-percent slump from the fourth quarter of 2016.

Linglong Tire gained net profits of 255 million yuan in Q1, 2017, down 6.78 percent year on year.

Sailun Jinyu forecast a net loss of 50 million yuan for Q1, 2017.

Data showed the average raw material price paid by Triangle Tire rose 25 percent in Q1, 2017, while its tire price increased 8 percent on average.

Purportedly, Triangle Tire and Michelin would further increase tire prices in April and May.

Tireworld