Sailun reports sharp rise in profits for 2012

Domestic tire maker Sailun (601058.SH) posted late Friday net profits of 160 million yuan for 2012, a sharp rise of 52.73 percent year on year, thanks to increases in earnings from its radial tire business.

The company’s operating revenue last year totaled 7.075 billion yuan, up 10.72 percent year on year, with basic earnings per share for 2012 at 0.42 yuan, up from 0.32 yuan in 2011.

Sailun said its revenues from the top five customers totaled 2.64 billion yuan, accounting for 37.3 percent of the company’s total last year, according to the company’s filing to the Shanghai Stock Exchange.

(Edited by Olivia, olivia@tireworld.com.cn)