Aeolus Tire post net loss in H1' 2018
On August 31, Aeolus Tire released its first half year performance report.
The report said that the company posted 3.13 billion yuan of sales revenue in the first half year of 2018, year-on-year reducing 16.36%. However, the company's gross profit rate increased to 15.5% from 2017's 9.7%, which showed that the company has adjusted its production structure, and stopped selling low profit products.
At the same time, the company still announced 89,928,800 yuan of net loss belonging to shareholders.
The be noticed, the company released 102 million yuan of loss in the first quarter of 2018, but reported 12 million yuan of net profit in the second quarter.
Qingdao Huahai Rubber and Zhongce Shuangxi Tire, two 100%-controlled subsidiaries of Aeolus Tire, respectively posted 60,167,100 yuan and 64,047,500 yuan of deficit in the first half year of 2018.
Pirelli (Jiaozuo) Tire posted 35,590,000 yuan of net loss in the first half year. Aeolus Tire held 20% of stakes in Pirelli (Jiaozuo) Tire.
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