On October 21, Shandong Linglong Tire released its third quarter report of 2020.
In first nine months, Linglong Tire's sales revenue and net profit kept growth. In the first nine months, the company posted 13.247 billion yuan of sales revenue, yearly increasing 5.9%, and 1.599 billion yuan of net profit belonging to shareholders, yearly surging 31.64%. By the end of September, Linglong Tire's assets have reached 27.889 billion yuan, up 4.92% compared to the end of last year.
In the third quarter, tire manufacturers produced 18,186,000 units of tires, and sold 17,439,100 units of tires, yearly increasing 18.59%.
During July to September, Linglong Tire realized 5 billion yuan of sales revenue, and tire production sales reached 4.93 billion yuan.
The company said that thanks to low raw materials' price, the company realized profit growth in the third quarter. According to the report, price of natural rubber, synthetic rubber, carbon black, steel cord, cord fabric, usually decreased 12.79% compared to the same period of 2019. At the same time, Linglong Tire's production slightly up by 0.01%.
