Giti Tire recently announced that the company realized 1.85 billon yuan of sales revenue in the past six months in 2014, year-on-year dropping 15.99% compared to the same period in 2013. Its net profit also decreased 13.45% to 103.67 million yuan during the period.
The company contributed the decrease to lower tire price.
Due to reducing sales revenue, Giti tire’s expenditure on research also cut down by 48.18% to 10 million yuan.
Giti tire targeted to reach 4.66 billion yuan of sales revenue in 2013 annual report. Until now, the company only finished 39.6% of target sales.
(By Amanda, mol@tireworld.com.cn)
