Aeolus Tyre Profits Surge 1076%

Aeolus Tyre Co Ltd net profit attributable to shareholders grew 1076.26 per cent year-on-year to 124.85 million yuan (£11.033 million; 12.242 million euros; US$18.284 million) in the third quarter. In the first three quarters the company’s net profits are said to have jumped 170 per cent to 254.4 million yuan (£22.4 million; 24.943 million euros; $37.265 million). Shanghai-listed Aeolus put the exponential growth in net profits down to a significant decline in production costs.

Earlier in October Aeolus Tyre Co., Ltd announced it had signed a contract with a chemical industry finance company with a term of three years. A Reuters report dated 8 October said “the other side will provide all kinds of financial services to the company.”

Related News:

• Destination Europe: More Chinese Products En Route to Europe?

• Aeolus Announces New Truck Tyres

• When is a Price Cut Not a Price Cut?

• Aeolus Placing a Focus upon Quality