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Giti Tire Q3 profit falls YOY

Giti Tire Corp. said its third-quarter normalized net income was 9 fen per share, a decline of 27.0% from 12 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.3 million yuan, a decline of 26.0% from 42.3 million yuan in the prior-year period.

The normalized profit margin declined to 3.7% from 5.4% in the year-earlier period.

Total revenue rose 8.4% year over year to 853.0 million yuan from 786.9 million yuan, and total operating expenses grew 13.0% on an annual basis to 722.3 million yuan from 639.2 million yuan.

Reported net income fell 26.8% year over year to 45.2 million yuan, or 13 fen per share, from 61.8 million yuan, or 18 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.