Greatoo Intelligent Equipment Inc. has lately reported a net profit of 31.78 million yuan for 2016, down 75.43 percent from 2015.
Its fiscal report also showed the operational profit in 2016 slumped 85.38 percent on year to 21.99 million yuan.
Besides, its operational revenues in 2016 totaled 818 million yuan, down 17.18 percent from 2015, and gross profits dropped 61.9 percent to 58.43 million yuan.
Greatoo Intelligent attributed its profit decline to a less prosperous tire market in China and fewer orders and lower prices for its products.
Greatoo Intelligent said it maintained normal operations and stable fiscal conditions in 2016.
Greatoo Intelligent, founded in 2001, is mainly involved in R&D, design and manufacturing of radial tire molds. It now owns a production capacity of 2,500 molds a year.
