Guizhou Tyre H1 net profits up 108.13% on year

Leading indigenous tiremaker Guizhou Tyre (000589.SZ) said late Friday (July 19, 2013) its net profits for the first half of 2013 totaled 95 million yuan, representing a sharp rise of 108.13% year on year.

The company’s operating revenues during the period, however, dropped by 5.9% from a year earlier to 3.268 billion yuan, said Guizhou Tire in a filing to the Shenzhen Stock Exchange.

The company said it managed to secure sound sales volume in the first half of 2013 amid sluggish demand in the tire market.

In the first six months of the year, the company sold 2.87 million tires, up 6.51% from the corresponding period of last year.

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