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Triangle Tyre profit holds mostly steady YOY in Q3

Triangle Tyre Co. Ltd. said its normalized net income for the third quarter was 20 fen per share, a decrease of 8.5% from 21 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 130.0 million yuan, compared with 129.7 million yuan in the prior-year period.

The normalized profit margin rose to 8.4% from 7.8% in the year-earlier period.

Total revenue decreased on an annual basis to 1.63 billion yuan from 1.66 billion yuan, and total operating expenses decreased 5.8% from the prior-year period to 1.40 billion yuan from 1.48 billion yuan.

Reported net income fell year over year to 179.7 million yuan, or 27 fen per share, from 188.4 million yuan, or 31 fen per share.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.