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You are here: Home1 / News2 / Career Tracks3 / Giti Tire Corporation 2010 earnings down 64 per cent

Giti Tire Corporation 2010 earnings down 64 per cent

Date: 21st February 2011 Author: Tyrepress Editors Comments: 0

Giti Tire Corporation (a Giti Group Shanghai listed company) recorded a 64 per cent year-on-year drop in 2010 net profit attributable to shareholders to 54 million yuan. This was despite a 36 per cent year-on-year increase in revenue to 3.61 billion yuan, according to a company filing.

The reason for the lower profits is said to be the fact that the company didn’t raise selling prices while it has been facing higher material costs and fluctuations in the foreign exchange rates, according to Chinese business news source, CapitalVue.

Giti reportedly expects revenue to exceed 4 billion yuan in 2011 and various news sources have reported that the company “will focus on overseas expansion in 2011.” It is not clear whether this means establishing production facilities outside China, expanding the group’s existing capacity abroad (such as the Giti group’s Indonesian Gajah Tunggal operation) or simply to increase international sales.

In addition to the Giti Tire Corporation’s overall results, the company reports that Giti earned an investment return of 71.4 million yuan from its Fujian Giti Tire subsidiary. This part of the business is said to have recorded revenue of 3.6 billion yuan and net profit of 110 million yuan in 2010.

Related news:

  • Tyre Shortage? Fujian Province Exported Over 32.85 million Tyres in 2010

  • Giti Tire Doubles MIRA Testing Operation

  • Truck Sales in China to hit 1 million

Related news:

  1. Giti Tire USA clarifies financial figures
  2. GITI arranging US$225 million loan
  3. Gajah Tunggal accused of covenant breach, Moody’s considering rating downgrade
  4. Conti could re-join Dax in June
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Related Tags

capacity, Career Tracks, China, company reports, Gajah Tunggal, Giti Tire

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