Aeolus Tyre‘s net nosedived 509% in Q'1
Recently, Aeolus Tyre released its first quarter's report.
The report said that the company posted 1.92 billion yuan of operation revenue in the first quarter of 2017, year-on-year increasing 18.04%, but its net profit nosedived 508.91%, reporting 110 million yuan of deficit in the first three months of 2017.
The same with other tire companies, Aeolus Tyre also said that raw material price growth was far more that tire production price increase, which squeezed the company's gross margin.
Statistics showed that Triangle Tyre's net profit reduced 2.63% to 157 million yuan in the first quarter of 2017; Linglong Tire's net profit decreased 6.78% to 255 million yuan; Sailun Jinyu posted 50,170,000 yuan of deficit, yearly down by 153.3%.
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