Net Profit of Giti Tire Drops Nearly 30% in Q1-Q3
Giti Tire Co., Ltd. released on Oct. 31 the business results for the first three quarters of this year.
In the first nine months, Giti Tire’s operating revenue was 2.18 billion yuan, down 12.33% year on year; the net profit attributable to shareholders dropped 29.14% to 120 million yuan; and the net profit excluding non-recurring items fell 29.21% to 119 million yuan.
As of end Sept., the total assets of Giti Tire lessened 16.65% from the end of 2015 to 2.39 billion yuan; and the net assets attributable to shareholders fell 18.07% to 922 million yuan.
In the first three quarters, the company’s cash flow generated from business operations increased 357 million yuan, mainly because the procurement price of raw materials dropped greater that the unit price of products.
Giti Tire owns a 51% stake in Fujian Giti Tire Co., Ltd., who produces and sells radial tires with registered capital of 106.7 million US dollars.
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