Qingdao Double Star released the third quarter report that the company realized net profit growth in the third quarter of 2015, but posted revenue decreasing at the same time.
The report said that the company realized 641 million yuan of sales revenue in the third quarter, year-on-year declining 36.51%, while posted 2.16 billion yuan of sales revenue in the first three quarters, year-on-year declining 32.9% compared to the same time in 2014.
The company said that in the third quarter, Qingdao Double Star closed parts of outdated capacities and operate environment-protect relocation, which caused revenue reduce. However, the company speeds up production inovation and market development under sluggish tire industry, which helped the company realized 1.2% of net profit increase in the third quarter and 12.10% of net profit growth in the past nine months.
