Giti Tire predicts 2012 net profits up 130% on year
2013-1-31 0:00:00Font Size：Big Medium Small
Giti Tire
Chinese tire maker Giti Tire Corporation (600182.SH) predicted that its net profits for 2012 would rise 130% from that in 2011, according to the company’s filing to the Shanghai Stock Exchange.
The estimates were made based on the preliminary review of the company’s financial department, said Giti Tire.
Giti Tire raked in 76.68 million yuan in net profits in 2011.
The company said its profitability had improved last year thanks to reduced costs in purchasing major raw materials. But its operating turnover for 2012 was expected to see a drop from 2011 due to external economic concerns.
(Contributed by Olivia, olivia@tireworld.com.cn)
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