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Aeolus Tyre Q3 profit falls YOY

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Aeolus Tyre Q3 profit falls YOY

Aeolus Tyre Co. Ltd. said its third-quarter normalized net income was 6 fen per share, a decline of 12.4% from 7 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 32.5 million yuan, a decrease of 19.6% from 40.4 million yuan in the prior-year period.

The normalized profit margin declined to 0.1% from 2.5% in the year-earlier period.

Total revenue declined 10.0% year over year to 1.45 billion yuan from 1.61 billion yuan, and total operating expenses fell 10.9% year over year to 1.39 billion yuan from 1.56 billion yuan.

Reported net income declined 35.7% year over year to 37.1 million yuan, or 7 fen per share, from 57.7 million yuan, or 10 fen per share.

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