Aeolus Tyre Profits Surge 1076%
Aeolus Tyre Co Ltd net profit attributable to shareholders grew 1076.26 per cent year-on-year to 124.85 million yuan (£11.033 million; 12.242 million euros; US$18.284 million) in the third quarter. In the first three quarters the company’s net profits are said to have jumped 170 per cent to 254.4 million yuan (£22.4 million; 24.943 million euros; $37.265 million). Shanghai-listed Aeolus put the exponential growth in net profits down to a significant decline in production costs.
Earlier in October Aeolus Tyre Co., Ltd announced it had signed a contract with a chemical industry finance company with a term of three years. A Reuters report dated 8 October said “the other side will provide all kinds of financial services to the company.”