Fengyuan Tire posts 50 million yuan of deficit in 2017
On April 23, Shandong Fengyuan Tire Manufacturing Co.,Ltd. released its 2017 annual report.
The company reported 998 million yuan of operation income in 2017, year-on-year rising by 43.08%, but posted 49,465,000 yuan of deficit belonging to shareholders, yearly diving 512.46%. Fengyuan Tire said that the company's gross profit was only 7%, decreasing 4% compared to the same period of 2016.
Affected by China's green environment policy, raw material price including rubber, carbon black etc. kept rising, which caused the company in red.
Adding to trade barriers triggered by EU, America, South America countries, the company's deficit was deepen and gross profit decreased.
The company said that it will focus on brand, cooperation and capital operation in 2018, and plan to realize over 10% of growth in tire production and sales.
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