Shandong Linglong Tire: Net income up 49% in 2016
Shandong Linglong Tire Co Ltd has reported increased sales and profits for 2016. In its 2016 Annual Report, the Chinese tyre maker declares net sales of RMB 10.5 billion last year (£1.2 billion), a 20.4 per cent increase from 2015 and a record high. Operating income rose 32.3 per cent to RMB 1.1 billion (£124.7 million) and net income was up 49.0 per cent to RMB 1.0 billion (£113.4 million).
For the first quarter of the 2017 financial year, net profit declined 6.7 per cent to RMB 255.3 million (£28.9 million). sg