Sailun Tire's net grew 47%
On April 30, Sailun Group released its first quarter report of 2020.
The company said that it realized 3.236 billion yuan of sales revenue in the first quarter of 2020, year-on-year increasing 3.9%; 272 million yuan of net profit belonging to shareholders, yearly surging 47.67%.
At the same time, Sailun Group produced 7,771,300 units of tires and sold 8,828,800 units, which posted 2.86 billion yuan of sales revenue.
Besides selling its own tire production, the company also sells other companies' tire production via its subsidiaries.
In the first quarter, the company also realized 188 million yuan of tire trade.
The company contributed its net growth to raw materials' price down and its tire price rising at the same time.
In the first three months of 2020, price of natural rubber、synthetic rubber、carbon black and steel cord generally declined 12.28%.
However, Sailun Group lifted it tire price up by 4.1%.
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