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Raw material prices drive up Giti Tire Corp profits in H1 2012

For the first half of the 2012 financial year, Giti Tire Corporation has reported revenue of RMB 2.06 billion (£205.0 million), a year-on-year decrease of 7.0 per cent. The Giti Tire Pte. Ltd. subsidiary says this decline was a combined effect mainly attributable to decrease in sales volume and increase of average selling price. Lower sales mainly reflected a slowdown in China related to the construction and property sectors, coupled with measures undertaken by the Chinese government to restrict credit availability. The export market decrease was largely brought about by the financial crisis in European markets, Giti Tire Corporation added.

4th September 2012/by Tyrepress Editors

Announcement “soon” on Kumho US plant start date

While work on Kumho Tire’s greenfield project in the US is still on hold, the long wait to restart may soon be over. Georgia-based television station 13WMAZ reports Macon-Bibb County Industrial Authority chairman Clifford Whitby as saying “we are getting very close to be able an announce a date when Kumho will be able to start construction.”

27th August 2012/by Tyrepress Editors

New TyreSafe film more than just hot air

We’re often accused of spending too much time either watching films or surfing online, so it is heartening that TyreSafe has provided a good reason to do both. The association has launched a short film for businesses that explains how they can significantly reduce their fuel bills and ensure safer driving by correctly maintaining the tyres on their fleet vehicles. The film can be viewed at the www.tyresafe.org website.

23rd August 2012/by Tyrepress Editors

GiTi debuting six new CV tyres at IAA 2012

With GiTi Tire having launched 12 new tyres in 2012, and with 10 more due before end of the year, the company has announced that it is taking six of its latest truck and bus tyre products to the IAA commercial vehicle show in Hanover. Two of the new GT Radial products – the GAR820 steer axle and GDL617 drive axle patterns – will form the foundation of six product debuts in hall 16, stand A43.

15th August 2012/by Tyrepress Editors

Bridgestone OP beats analysts expectations

With Bridgestone having announced that first half operating profits grew 43 per cent year-on-year to 133.8 billion yen, the tyre manufacturer has upped its full-year operating profit guidance. Bridgestone had predicted that it would achieve 118 billion yen by this measure, with Deutsche Bank estimating nearer 136 billion yen. As a result the financial analysts now report that the company has lifted its full-year operating profit projections and is now looking at 50 per cent year-on-year growth to 287 billion yen (previous predictions were 269 billion yen, with Deutsche Bank expecting 316 billion yen).

13th August 2012/by Tyrepress Editors

Latest Toyo figures show tyre business growth

Toyo Tire & Rubber has reported net sales of 120,474 million yen (£980.8 million) for the first quarter of its current financial year, the three months to 30 June 2012. The company’s tyre business unit accounted for 96,448 million yen (£785.2 million) of these sales, 80.1 per cent of the total. Company operating income amounted to 3,529 million yen (£28.7 million), while tyre business operating income was 2,428 million yen (£19.8 million). Total net income came to 1,252 million yen (£10.2 million).

13th August 2012/by Tyrepress Editors

1,000th Vianor outlet to open before year’s end

At the end of the second quarter, Nokian Tyres could count a total of 961 fast fit outlets operating under the Vianor banner. While the tyre maker directly owns 180 of these, a further 781 operate under franchise and other partnership agreements. In the first half of 2012 the network grew by a further 51 outlets, and upon releasing its financial data to 30 June Nokian stated that it sees reaching the 1,000 outlet milestone a realistic goal for this year.

13th August 2012/by Tyrepress Editors

Giti Tire makes key European financial appointment

GiTi Tire has appointed Gillian MacRae as finance controller – Europe. The company says that the McRae’s appointment will strengthen its management team. She will be responsible for the planning, monitoring and management of company business plans, with an initial focus on UK and German markets, across all four main brands: GT Radial, Primewell, Runway and Dextero.

9th August 2012/by Tyrepress Editors

Goodyear to present overview at JP Morgan Auto Conference

The Goodyear Tire & Rubber Company has announced that it will make a business presentation to be webcast from the JP Morgan 2012 Auto Conference in New York on 13 August. Darren R Wells, executive vice president and chief financial officer, will provide a business overview and discuss the company’s strategies for approximately 35 minutes.

8th August 2012/by Tyrepress Editors

Bridgestone: Risk of guidance overshoot, says analyst

Commenting on Bridgestone’s second quarter financials, particularly the operating profit of 133.8 billion yen outstripping guidance of 118 billion yen and expectations of 50 per cent year-on-year growth, Deutsche Bank analyst Takashi Moriwaki says the bank sees “risk for a guidance overshoot as profitability is on an uptrend thanks to stable selling prices and declining raw material costs.”

8th August 2012/by Tyrepress Editors

New investors expected to restart GTEA production

International News, News

Production at Tanzanian tyre maker General Tyre East Africa will reportedly resume within a year. Last year management of the company – which hasn’t produced a tyre since 2007 – was placed in the hands of Tanzania’s National Development Corporation, and the corporation’s corporate affairs manager now says that investors from China, Malaysia and South Africa have shown interest in the getting the company up and running again.

6th August 2012/by Tyrepress Editors

Analysts: Michelin results ‘impressive’

Michelin’s EBIT result of 1.3 billion euros beat market expectations by a huge 14 per cent, according to financial analysts. At the same time the company also announced a virtually unprecedented margin of 27 per cent in its Specialty Tyre division.

30th July 2012/by Tyrepress Editors

Pirelli outperforms, but markets cautious about inventories

Pirelli’s financials means that the Italian tyre manufacturer outperformed market expectations of its second quarter EBIT performance by 5 per cent, according to financial analysts. The firm also maintained its full-year financial guidance, Morgan Stanley wrote in an investors note reflecting on the figures:

30th July 2012/by Tyrepress Editors

10 million cars could have a murky past

HPI, the vehicle information expert, warns that there could be up to 10.4 million cars with a hidden history on the UK's roads. This follows news from the Society of Motor Manufacturers and Traders (SMMT) that there has been a 9 per cent increase in cars in the UK to 31,362,716. With 1 in 3 cars hitting HPI's 'at risk' registers the SMMT figures suggest that the nearly new and second hand car market is a minefield for buyers.

26th July 2012/by Tyrepress Editors

Halfords apprentice numbers highlight growing network

After completing a three-year course, 24 apprentices recently entered permanent employment at Halfords Autocentres. Each apprentice has gained NVQ Level 3 in light vehicle technology and a full-time job at Halfords Autocentres after successfully completing the course. This is good news for them, but also points to the fast rate of growth in the network.

26th July 2012/by Tyrepress Editors