Qingdao Doublestar Q1 Profits up 176.97%
Qingdao Doublestar Co., Ltd. released on April 13 the financial report for the first quarter of this year, saying both the operating revenue and net profit increased considerably.
In the first quarter of this year, operating revenue of Qingdao Doublestar totaled 1.08 billion yuan, up 56.98% year on year; the net profit attributable to shareholders was 24.30 million yuan, surging 176.97%; but the net profit excluding recurrent profit and loss was 23.63 million yuan, down 243.26%.
By the end of the first quarter, total assets of Qingdao Doublestar reached 7.06 billion yuan, up 19.51% from the end of 2015.
The rubber and tire company attributed the business growth to outcomes from the supply-side reform and industrial upgrade. It has been accelerating product diversification and innovation, promoting globalized deployment as well as corporatization of business units.
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