Net Profit of Linglong Tire Surges in Q1-Q3
Shandong Linglong Tire Co., Ltd. released on Oct. 28 the financial report for the first three quarters of this year.
As of end-Sept., the company’s total assets totaled 16.87 billion yuan, up 1.71% from the end of the previous year; and the net assets attributable to shareholders rose 76.24% to 7.69 billion yuan.
In the first nine months, the company’s operating revenue amounted to 7.42 billion yuan, up 15.54% year on year; the net profit attributable to shareholders was 776 million yuan, surging 272%; and the net profit excluding non-recurring items grew 76% to 744 million yuan.
In its balance sheet, Linglong Tire’s prepayment rose 189% year on year due to increased prepayment for raw materials.
In addition, the company’s long term debt rose 109%; its long term dues surged 659% because of increasing payables for finance leasing of assets; and the capital surplus surged 617% due to share premium in the stock market.
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