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Shandong Linglong Tyre's net increased in H1' 2019

Shandong Linglong Tire released its half year report of 2019 on August 2.

The report said the company realized 8.31 billion yuan of revenue in the past six months, year-on-year rising by 14.74% compared to the same period of 2018; and net profit belonging to shareholders yearly raising 38.47% to 725 million yuan in the same period.

The company accumulatedly produced 29,061,800 units of tires in the first six months of 2019, yearly up 8.09%, and sold 27,577,500 units of tires at the same time, yearly increasing 7.64%. 

Linglong Tire said that sales growth in retail market and OEM market helped the company realizing a great increase compared to the same period of 2018. 

On retail side, Linglong Tire posted over 10% growth in American、EU、Middle Eastern、Asia Pacific market.

On OEM side, Linglong Tire successfully got orders from FAW-Volkswagen、ChangAn-Ford、Reynolds and FAW-Hongqi etc.. 

Divided by subsidies, Thailand subsidy posted 477 million yuan of net profit, which is one of most profitable subsidies in Linglong Group. 

Dezhou subsidy and Guangxi Subsidy respectively realized 107 million yuan and 80,160,000 yuan of net profit.

In the report period, Linglong Tire also incested two companies. One was investing 50 million yuan to build up a Private Equity Investment Company and the other was investing 25 million yuan to hold 20.61% of shares in a Xianning PE company.