On October 30, Shanghai Huayi Group released its third quarter report. The report showed that its subsidiary mainly operation by Double Coin Tyre posted largely decline on sales.
In the first nine months, the company produced 7,492,000 units of tires, yearly decreasing 10.95%. At the same time, the company sold 765,500 units of tires, yearly dropped 16.33%.
As one of main businesses of Huayi Group, Double Coin Tyre's performance is much better that other businesses in the group.
The report showed that Huayi Group reported 20 billion yuan of sales revenue in the first three quarters, yearly declining 35.95%, and net profit belonging to shareholders was only 49,438,600 yuan, year-on-year diving 90.84%.
