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Nankang Tire's profit drops 60% in Q'3

Taiwan Nankang Tire released its third quarter report on Nov.5. The report showed that the company realized 684 million yuan of sales revenue during June to September.

Compared to last quarter, the company realized 50.08% of sales growth, and yearly increased 10% compared to the last year.

The report said that its gross profit reached 25.43%, monthly rising by 7.41% and yearly up 7.54%.

Nankang Tire realized 52.1 million yuan of net profit, which dropped 60.8% compared to the last quarter, and 45.8% compared to the last year.

In the first three quarters, the company realized 1.65 billion yuan of sales revenue, yearly decreasing 16.4%, and 155 million yuan of net profit, yearly decreasing 33.76%.

With tire traditional sales busy season coming, the company's sales revenue increased in the third quarter, and the company's gross profit would also be lifted under tire price uprising.