Giant Tire Co. Inc. reported 20.26-percent higher net profit for the half year ended June 30 on 18.78-percent larger sales.
Giant Tire attributed the gross profit improvement — to $87.97 million, up 13.6 percent — to the positive “tailwind” of lower raw materials costs. The tire maker cheered up that Chinese auto sales have been keping two-digit growth in the last six month since 2013.
The company also said sales in European and America have been “continually recovering” with reinforced promotion for small and mid-sized accounts. In Europe sales were up slightly on pre-ordering for winter tires.
(By Amanda, mol@tireworld.com.cn)
