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Qingdao Doublestar's net turns loss to profit

Qingdao Double Star Tyre released its performance prediction of first nine months on Oct.12. The company report that the company has improved its performance in the first nine months, and turned its loss to profit.

According to the prediction, the company realized 51.3 million yuan to 57.1 million yuan of net profit belonging to shareholders in the third quarters. And the company realized 5.8 million yuan to 11.6 million yuan.

Double Star Tyre said that the company operated its "New retail, New Business, New Model" strategy during COVID-2019,which largely improved its performance.

In the second quarter, the company's sales monthly improved 50%, and achieved profitability at the same time. The company kept growth in the third quarter, and realized 40% growth compared to the same period of 2019. Amongst, its overseas revenue monthly increased 180%. 

Statistics showed that tire business took 97.44% of Qingdao Double Star Tyre's total revenue in the first half year of 2020. 

Meanwhile, Double star Group signed Composite-Ownership Reform in July, and planed to bring in strategy investors in the near future. The company said that  those investors would bring new resources into the company, and further improve the company's profit.