Triangle Tire's net post 32% growth in past nine months

On October 26, Triangle Tire released its report of the third quarter. 

The report showed that the company posted 6.2 billion yuan of sales revenue in the first nine months, yearly increasing 5.22%, and 817 million yuan of net profit belonging to shareholders, yearly increasing 32.27%. By the end of September, the company's total asset reached 16.5 billion yuan, year-on-year increasing 9.23%.

Besides performance report, Triangle Tire also released the third quarter's operation datas.

During July to September, the company produced 6,152,300 units of tires and sold 6,833,400 units of tires, and realized 2.32 billion yuan of sales revenue. 

Due to market change and exchange fluctuation, the company's tire price declined 2.9%  in the third quarter compared to the second quarter.

Actually, raw materials like natural rubber price rose 15.7% in the third quarter compared to the second quarter, synthetic rubber price rising 3.2%，carbon black price jumping 16.3% and steel cord price up 7.1% at the same time.

The company said that its overseas market kept stable growth in the first six months of 2020. The company's international trade increased over 20% in the first six months. Amongst, its passenger tires showed largely growth in North America, Europe, Asia, Russia, Middle East and so on.

Chinese tire industry has been fast recovered from COVID-2019 since the third quarter of 2020. Most of tire companies kept high growth in 2020.