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You are here: Home1 / financials

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Brisa: Inflation without TPMS

Company News, International News

Not so long ago the word ‘inflation’ typically drew thoughts to tyre pressure, at least in our line of work. But the other inflation has made an unwelcome comeback and is eating away at our purchasing power. Over in Turkey, the rate of inflation hit 72% in 2022 and made its presence known in Brisa’s financial results for the year. But against this backdrop of growing Turkish Lira weakness, the tyre maker had a good year.

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Related news:

  1. Goodyear names Hakan Bayman as president of European Consumer Business
  2. Brisa 9-month revenues up 36%
  3. Financial Times Report – Bridgestone Falls From Global List
  4. Obituary – Sakip Sabanci
24th February 2023/by Stephen

Price adjustments lift Michelin sales & income in 2022

Company News

In spite of lower sales volumes, a combination of “firm pricing discipline” and “fast-growing non-tyre sales” helped Michelin increase its overall sales to €28.6 billion in 2022. The company achieved segment operating income of €3.4 billion, while net income reached €2.0 billion for the year, up 8.9 per cent on 2021.

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Related news:

  1. Michelin reports reduced sales, income for 2020
  2. Michelin presents sustainability-infused strategy to capital markets
  3. Michelin: Volumes up 7.5% in Q1 2021
  4. Michelin: YTD sales up 15.6% to €17.2 billion
14th February 2023/1 Comment/by Stephen

Apollo Tyres’ 9M revenue up 19%

Company News

Apollo Tyres Ltd. maintained its market share within Europe’s passenger car and light truck (PCLT) market in the three months to 31 December 2022 (Q3 FY2023) despite declining approximately 14 per cent year-on-year in this market. The tyre maker primarily attributes this negative growth to high channel inventory, a mild winter and the economic slowdown.

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Related news:

  1. Apollo Tyres continues European turnaround
  2. Apollo Tyres FY 2021-22 financial results
  3. Apollo profits up 64% in fiscal 2013-14
  4. Apollo Tyres opens €475 million greenfield Hungarian plant
6th February 2023/by Stephen

Hankook Tire: Record sales in 2022

Company News

Announcing its 2022 financial results, Hankook Tire & Technology (Hankook Tire) shares that its consolidated global sales reached an “all time high” last year. Sales increased 17.5% to KRW 8,394.2 billion (£5.6 billion, $6.9 billion). Operating profit rose 9.9% YoY, to KRW 705.7 billion (£468.2 million, $576.7 million).

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Related news:

  1. Hankook Tire: Lower profits in H1 2019
  2. Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire
  3. Hankook Tire 2021 results
  4. Hankook announces Q2 2022 results
3rd February 2023/1 Comment/by Stephen

Ceat: Q3 2022 financial results

Company News

Ceat Limited, an RPG Group company, reports consolidated revenue of Rs 27.27 billion (£269.9 million) for the three months to 31 December 2022, the third quarter of its financial year. This result represents a year-on-year increase of 13.0 per cent. EBITDA rose 61.8 per cent year-on-year to Rs 23.14 billion (£229.0 million), with an EBITDA margin of 8.5 per cent, up 256 bps compared with the same period of last year. Net profit stood at Rs 348 million (£3.4 million).

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Related news:

  1. Ceat: Higher input costs squeezing margins
  2. Apollo Tyres annual net profit up 12 per cent, but European sales slide
  3. Ceat Ltd: Profit drops 99%
  4. MRF: Profits halved thanks to unprecedented material cost rises
27th January 2023/by Stephen

Despite “unsatisfactory” cash flow, Continental 2022 sales & margins within range

Company News

Using “initial preliminary and unaudited figures” as a source, Continental Group has published its key financial figures for Q4 and fiscal 2022. These show adjusted free cash flow to be significantly below the target range. The tyre maker and automotive systems company is nevertheless confident of achieving its targeted consolidated sales and adjusted margin.

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Related news:

  1. Continental: Components supply issues hit Q3 2021 sales & earnings
  2. A “good result” – Continental returns to the black in 2021
  3. Continental: Lower income despite strong tyre business in Q1 2022
  4. Unsatisfied but optimistic: Continental announces Q2 2022 financial results
18th January 2023/by Stephen

Sailun: Record operating income in H1 2022

News

In the first half of 2022, Sailun Group’s operating income rose 21.28 per cent year-on-year to a record high of CNY 10.493 billion (£1.29 billion). Net profit attributable to the listed company’s shareholders rose 1.6 per cent year-on-year to CNY 715 million (£87.63 million), and net cash flow from operating activities amounted to CNY 457 million (£56.91 million), up 42.15 per cent year-on-year.

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Related news:

  1. SSE debut for new Sailun Group ticker symbol
  2. Sailun inaugurates upgraded acquired plant
  3. Sailun: New Supervisory Board chairman
  4. Triangle Tire publishes H1 2022 results
19th October 2022/by Stephen

Prinx Chengshan: Increased sales, lower profit in H1 2022

Company News

Prinx Chengshan Holdings Limited and its subsidiaries report selling 9.394 million tyres during the six months to 30 June 2022, a year-on-year increase of 3.3 per cent. From this total, 3.333 million were all-steel radial tyres and 5.919 million semi-steel radials. Cross-ply tyres accounted for some 142,000 pieces.

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Related news:

  1. Prinx Chengshan: Profit down 24.7% despite higher revenue in 2021
  2. Prinx Chengshan appoints marketing & communications manager for Europe
  3. TÜV SÜD presents Prinx Chengshan certificate for DR606
  4. Prinx Chengshan to launch “Prinx” brand in Europe by the end of 2017
6th September 2022/by Xuda Wang

Triangle Tire publishes H1 2022 results

Company News, International News

On 30 August, Triangle Tire published its 2022 semi-annual report, and this shows that the company achieved revenue of RMB 4.277 billion (£535.5 million) and net profit of RMB 217 million (£27.2 million) in the six months to 30 June 2022. Revenue in the second quarter of this period amounted to RMB 2.426 billion (£303.8 million), a 31 per cent increase over the first quarter; Q2 2022 net profit of RMB 159 million (£19.9 million) was 172 per cent higher than in the first quarter of the year.

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Related news:

  1. Triangle Tyre celebrates 40th anniversary
  2. Triangle to upgrade PCR and TBR production with IPO funds
  3. Triangle Tire net profit down 2.6% in Q1 2017
  4. Prinx Chengshan: Profit down 24.7% despite higher revenue in 2021
2nd September 2022/by Stephen

Apollo Tyres: Q1 2022-23 financial results

Company News

During the three months to 30 June 2022, Apollo Tyres Ltd. respectively recorded 38 per cent and 14 per cent year-on-year increases in its Indian and European operations. Total revenue from operations for this, the first quarter of the tyre maker’s 2022-23 financial year, amounted to Rs 59.42 billion (£614.72 million) and was 26.9 per cent higher than during the previous year’s first quarter.

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Related news:

  1. Apollo Tyres maintains turnover, increases profits
  2. Apollo Tyres: Stable sales in Europe, but profits further in the red
  3. Apollo Tyres: Cost of raw materials, chip shortage impacts on operating performance
  4. Apollo Tyres FY 2021-22 financial results
15th August 2022/by Stephen

Pirelli: Revenues, profit up in H1 2022

Company News

Pirelli & C. SpA reports higher revenues and profit in the first half of this year despite lower volumes. The company has also updated its full-year targets for 2022.

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Related news:

  1. Pirelli lifts sales, income in first half of year
  2. Pirelli: H1 2018 financial results
  3. Yokohama Rubber – Q3 2018 profit affected by asset impairment charge
  4. Continental: Lower income despite strong tyre business in Q1 2022
10th August 2022/by Stephen

Unsatisfied but optimistic: Continental announces Q2 2022 financial results

Company News

After an April to June period punctuated by negative EBIT and a net loss, tyre maker and automotive components supplier Continental says it is “looking ahead to the second half of the year with optimism.” It is also maintaining its full-year outlook despite a current headwind that chief financial officer Katja Dürrfeld describes as being “rather like a hurricane.”

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Related news:

  1. Continental: Lower income despite strong tyre business in Q1 2022
  2. A “good result” – Continental returns to the black in 2021
  3. Continental revises 2022 outlook, publishes preliminary Q1 results
  4. Michelin publishes H1 2022 results, maintains full-year guidance
9th August 2022/by Stephen

Goodyear: Sales, income up in Q2 2022

Company News

Larger than ever following its acquisition of Cooper Tire in 2021, Goodyear Tire & Rubber reported year-on-year net sales growth of 31 per cent in Q2 2022. Sales amounted to US$5.2 billion in the three months to 30 June 2022, and Goodyear states that even excluding the Cooper transaction, this figure reflects year-on-year growth of over 15 per cent. Other factors driving this increase included improvements in price/mix, higher volume, and increased sales from other tyre-related businesses.

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Related news:

  1. Goodyear: Q3 2018 results
  2. Goodyear defers dividend as volumes drop 18% in Q1 2020
  3. Goodyear reaffirms 2015 targets with ‘strong’ 2Q results, despite EMEA troubles
  4. Charges deflate Goodyear’s strong operating performance
8th August 2022/by Stephen

Hankook announces Q2 2022 results

Company News

During the second quarter of 2022, Hankook Tire grew its sales by 12.9 per cent year-on-year to KRW 2,039.9 billion (£1.3 billion). Operating profit, squeezed by world events, rising raw material costs and inflation, shrank 6.3 per cent year-on-year to KRW 175.2 billion (£109.9 million). This result nonetheless represented a 39.0 per cent increase compared with the operating profit of KRW 126.0 billion (£79.0 million) achieved in Q1 2022. Hankook attributes this quarter-on-quarter improvement to a growing share of sales attributable to high-value-added products as well as effective pricing strategies.

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Related news:

  1. Hankook Tire: Lower profits in H1 2019
  2. Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire
  3. Hankook Tire: Global issues affect Q3 2021 sales, profit
  4. Hankook Tire 2021 results
4th August 2022/by Stephen

Michelin publishes H1 2022 results, maintains full-year guidance

Company News

In a market hit by the systemic impacts of the conflict in Ukraine and the health crisis, the Michelin Group reports that its net income fell by 18.3 per cent despite a year-on-year increase in sales. The tyre maker nevertheless considers this a good result “in an extremely unsettled environment.”

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Related news:

  1. Michelin reports reduced sales, income for 2020
  2. Michelin: Volumes up 7.5% in Q1 2021
  3. Michelin: YTD sales up 15.6% to €17.2 billion
  4. Continental: Lower income despite strong tyre business in Q1 2022
27th July 2022/by Stephen
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