Linglong Tire nets up nearly 50 pct in 2016

Linglong Tire gained revenues of 10.52 billion yuan in 2016, up 20.43 percent from 2015, the tire maker said on Monday.

Its net profits stood at 1.01 billion yuan in 2016, up 49.11 percent from 2015.

In 2016, the production of Linglong Tire grew 17.54 percent from 2015. Specifically, output of the diagonal tires rose 4.23 percent; that of the semi-steel tires grew 14.7 percent; and that of the all-steel tires rose 39.5 percent.

In 2016, the company invested 3,605.4 million yuan in research and development, about 3.43 percent of the operational revenues. The R&D staff number reached 1,222, about 10.08 percent of the general staff number.

Linglong Tire expected to produce 48 million sets of tires in 2017, while reaping sales revenues of 11.5 billion yuan and net profits of 1.05 billion yuan.

The company plans to build another two production bases in Europe and America. It build the first overseas base in Thailand in 2012.

Linglong Tire provides tires for more than 60 automakers from China and other countries.