Linglong Tire Predicts H1 Profit up 12-14 Folds
Shandong Linglong Tire released on July 22 the predication for its business performance in the first half of this year.
The company expects the net profit attributable to shareholders will reach 500 million to 560 million yuan in the first half, up 12-14 folds year on year.
Excluding non-recurring items, its net profit was expected to rise 90-115%.
Linglong Tire attributed the sharp growth in profit to two factors:
1.It attached greater attention to R&D, improved the system and platform of innovation, and advanced product quality through technical innovation. The company also increased investment in brand establishment to strengthen its competitiveness. Overseas market exploitation and cost management of the company achieved sound progresses in the first half as well.
2.In the first half of 2015, Linglong Tire’s branch in Thailand fell prey to fire, which affected the company’s operating revenue. Excluding non-recurring items, the firm’s net profit in the first half of 2015 was 259.98 million yuan.
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