Giti Tire USA clarifies financial figures
Following the publication of Giti subsidiary Giti Tire Company’s full year 2010 figures, Tom McNamara, vice president of sales for Giti Tire USA, has brought clarification to what these mean in the context of wider business.
According to McNamara, Giti Tire Corporation stated in its 2010 annual report that it had made timely price adjustments following the industry price movement in an effort to mitigate the increase in raw material prices and the effect of fluctuating exchange rates. Some published reports incorrectly attributed the decrease in net profit to not raising selling prices in 2010.
“Recently there have been inaccurate references, appearing in the media, regarding Giti Tire Corporation. Giti Tire Corporation is one of the Giti Tire Company, Ltd. subsidiaries. It is listed on the Shanghai Stock Exchange and released its 2010 annual report on 19 February 2011. These financial numbers do not represent Giti Tire Company, Ltd. It is only the results of a single subsidiary,” Tom McNamara told Tyres & Accessories.
McNamara also sought to clarify some of the various subsidiaries’ relationships to each other: “Giti Tire Corporation contributes approximately 15 per cent of the combined revenue of Giti Tire Company, Ltd. and its Indonesia affiliate PT Gajah Tunggal Tbk. Giti Tire Company, Ltd., is the parent company of Giti Tire USA and Giti Tire Canada, which market and sell GT Radial, Runway and Primewell tyre brands in the US and Canada.”