Aeolus Tyre losses RMB200 mln in Q1-Q3
Aeolus Tyre Co., Ltd. released Oct. 31 the financial results for the third quarter this year.
During the reporting period, the company produced 1.88 million tires, sold 1.87 million tires, and the sales income was 1.94 billion yuan.
In the third quarter, the product prices dropped around 4% from the second quarter.
According to the company, volatility of raw material prices is the key reason for lower prices.
Although Aeolus Tyre’s business revenue increased in Jan. – Sept., it lost 200 million yuan in the period.
At the same time, its return on equity dropped 10.3 percentage points from the same period of last year to -8.53%.
During the reporting period, Aeolus Tyre confirmed a 20% loss in Pirelli Tyre (Jiaozuo), resulting in an investment loss of 23.52 billion yuan.
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