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Prinx Chengshan: Increased profits despite corona

Prinx Chengshan

In spite of COVID-19, Prinx Chengshan managed to increase its net profit in the first half of 2020, a feat aided in part by a prompt response to the pandemic. Sales revenue for Prinx Chengshan (Cayman) Holding Limited and its subsidiaries in the six months to 30 June 2020 came to RMB 2,844.0 million (£317.2 million), 1.0 per cent less than in the same period of 2019. Gross profit rose 9.9 per cent year-on-year to RMB 606.3 million (£66.7 million) and net profit increased 1.6 per cent to RMB 265.3 million (£29.2 million).

4th September 2020/by Stephen

Goodyear reports Q2 net loss of US$696 million

Company News, International News

Goodyear Tire & Rubber reported a Q2 2020 net loss of $696 million ($2.97 per share) compared to net income of $54 million ($0.23 per share) a year ago in financial results released 31 July 2020. Goodyear’s second quarter 2020 sales were $2.1 billion, down 41 per cent compared with a year ago. According to the company, the decline was driven by “lower industry volume and reduced sales from other tyre-related businesses.” However, there are signs that demand is improving.

4th August 2020/by Chris

Apollo Tyres’ full-year earnings fall to 4.76 billion rupees

Company News, International News

Apollo Tyres, the India-based tyre manufacturer that owns the Vredestein brand, has reported fourth-quarter 2019 financial results that show sales and earnings fell significantly.

21st May 2020/by Chris

Toyo Tire net sales down 9.8% in Q1

Company News, International News

In the first quarter of 2020 Toyo Tire Corporation reported net sales of 82,094 million yen a decrease of 8,049 million yen (-9.8 per cent) compared with the first quarter of 2019. Its operating income for the quarter was 6,936 million compared to 10,174 million yen (-31.87%) in the first quarter of 2019.

18th May 2020/by Chris

Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire

Hankook Tire has reported consolidated global sales of KRW 1.4358 trillion (£945.0 million) for the first quarter of 2020, around 12.6 per cent less than in the opening quarter of last year. Operating profit decreased 24.8 per cent year-on-year to KRW 105.9 billion (£69.7 million).

7th May 2020/by Stephen

Michelin publishes Universal Registration Document

Michelin has released its Universal Registration Document, a tome exceeding 400 pages that contains a wealth of corporate information.

24th April 2020/by Stephen

Goodyear defers dividend as volumes drop 18% in Q1 2020

Preliminary results for the first quarter of The Goodyear Tire Rubber Company’s 2020 financial year were published today, with the company confirming its fiscal performance during the three months to 31 March was “greatly affected by the economic disruption associated with the COVID-19 pandemic.” Tyre unit volumes declined 18 per cent year-on-year to approximately 31 million units and sales dropped 16.7 per cent to around US$3.0 billion.

16th April 2020/by Stephen

Nokian Tyres: Strong Heavy Tyres performance maintains sales in 2019

In spite of what it calls a “soft” market for car tyres in Europe last year, Nokian Tyres maintained its level of net sales throughout the period. Operating profit was lower year-on-year, and profit considerably increased. Operating profit is expected to take another tumble in 2020.

5th February 2020/by Stephen

Hankook Tire: Operating profit lower in Q3 2019

Hankook Tire has reported consolidated global sales of KRW 1,833.2 trillion (£1.2 billion) for Q3 2019, a 4.4 per cent increase compared with the third quarter of last year. EBITDA declined 3.2 per cent to KRW 333 billion (£223.0 million), with the margin decreasing 1.4 percentage points to 18.2 per cent. Operating profit amounted to […]

7th November 2019/by Stephen

Hella outperforms automotive sector in 2018/19

Automotive supplier Hella has ended the fiscal year 2018/2019 (1 June 2018 to 31 May 2019) with an increase in sales and earnings. Currency and portfolio-adjusted sales have risen by 5.0 per cent compared to the previous year. Reported sales decreased to 7.0 billion euros (previous year: 7.1 billion euros) as a result of divestment from the wholesale business and taking the effects of exchange rates into consideration.

16th August 2019/by Stephen

Continental discussing ‘need for action’ with employee representatives

Photo: Continental AG

Continental is the latest automotive sector company to report lower year-on-year income in the second quarter of the year. The tyre maker and automotive systems supplier describes its fiscal performance during the period as “an overall solid” result despite a “sharply declining market.” It is nevertheless considering ways of keeping its production costs in check, and will report its progress to this end in the weeks to come.

7th August 2019/by Stephen

Hankook Tire: Lower profits in H1 2019

In reporting its financial results for the second quarter and first half of 2019, Hankook Tire notes that the six months to 30 June were punctuated by uncertainty within the global tyre market. Challenges faced by many tyre makers include declining vehicle sales, anti-dumping duties and uncertainty caused by US-China trade tensions. Hankook specifically battled high fixed costs during a low demand cycle, a relatively high dependency on China for both production and sales, and issues with stabilisation at its 2017-opened plant in the USA.

5th August 2019/by Stephen

Pirelli: H1 2019 financial results

In the preamble to its financial results for the first half of 2019, Pirelli notes that car production around the world was 6.7 per cent lower during the six-month period than in the first half of last year. It adds that lower vehicle production impacted the tyre market, with lower shipments to carmakers driving a 7.3 per cent contraction of the global tyre market in the first half of the year. Many tyre makers diverted production to the less profitable replacement segment, a move that affected their pricing.

2nd August 2019/by Stephen

Goodyear: Drop in OE demand muzzles H1 2019 performance

There’s little good news to be found in the latest financial results from Goodyear Tire & Rubber. Sales and unit volumes were lower in the first half of this year, respectively dropping 5.7 per cent to US$7.2 billion and 3.3 per cent to 75.4 million units. The tyre maker also reported a net loss of US$7 million for the six months to 30 June 2019, a contrast to the net income of $232 million announced a year earlier; this result includes several significant items, most notably $107 million in rationalisation charges that are primarily related to modernisation plans and layoffs at two tyre plants in Germany.

29th July 2019/by Stephen

Less optimistic: Continental revises 2019 outlook, announces preliminary Q2 results

Continental has readjusted the full-year 2019 outlook for its tyre-making Rubber Group, primarily in response to declining global car and light vehicle production. It has also readjusted the outlook for its Automotive Group business for the same reason.

23rd July 2019/by Stephen