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Qingdao Doublestar posts net profit $12.36 million, up 128.85% Y/Y
Shanghai. February 3 (Gasgoo.com) – The Shenzhen-listed Qingdao Doublestar Co. posted a net profit of RMB 88.88 million ($12.36) last year, an increase of 128.85 percent from one year earlier, the company announced in its annual report yesterday.
Qingdao Doublestar’s 2007 sales revenue reached RMB 4.366 billion ($607.23 million), up 34.44 percent from the previous year’s $3.247 billion ($451.60 million), according to the company’s annual report.
The report attributes the company’s spectacular profit growth to the relatively slow growth of raw material costs and improved production management. In addition, the tire maker gained RMB 10 million ($1.39 million) by selling its shoe-making business unit.
During the report period, the company sold 3.62 million meridian tires, including 2.4 million all-steel radial-ply tire and 1.22 million semi-steel radial-ply tires, up 90 percent from one year earlier.
By the end of 2007, Qingdao Doublestar Co has a capacity to produce 2.6 million pieces of all-steel heavy duty meridian tires. After its acquisition of Dongfeng Tire Co. last year, Qingdao Doublestar Co now has a combined capacity of 8.5 million pieces of tires, including 5.9 million pieces of meridian tires.
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