Tire sector gross profit of Huayi Group lessens 4% in H1

Shanghai Huayi Group Co., Ltd. released the interim report for the first half of this year.

The company’s tire manufacturing sector realized operating revenue of 3.65 billion yuan in Jan.-June, up 13.44% year on year.

Meanwhile, its manufacturing costs grew 19.14% to 3.22 million yuan.

Due to fast growth of the costs, its gross profit margin lessened 4.23 percentage points from the same period last year to 11.73%.

Double Coin Group Co., Ltd., the primary tire manufacturing subsidiary of Huayi Group, lost 246 million yuan in the first half of this year.

Huayi Group also disclosed the expansion of its tire subsidiary in the interim report.

Double Coin Group (Jiangsu) Tire Co., Ltd.’s 1.8-million high-performance all-steel heavy-load radial tire production expansion program has an overall investment of 1.53 billion yuan and 40% of the construction has been completed.

Double Coin Group (Anhui) Huili Tire Co., Ltd.’s 15-million high-performance semi-steel heavy-load tire production program has an overall investment of 3.18 billion yuan and 58% of the construction has been completed.

Double Coin Group (Xinjiang) Kunlun Tire Co., Ltd.’s 1.2-million high-performance all-steel heavy-load radial tire production expansion program has an overall investment of 988 million yuan and 17% of the construction has been completed.