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Aeolus Tyre Q1 profit falls YOY

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Aeolus Tyre Q1 profit falls YOY

Aeolus Tyre Co. Ltd. said its normalized net income for the first quarter was 7 fen per share, a decline of 44.8% from 13 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 41.7 million yuan, a decline of 44.7% from 75.4 million yuan in the year-earlier period.

The normalized profit margin fell to 2.8% from 3.8% in the year-earlier period.

Total revenue fell 21.8% on an annual basis to 1.57 billion yuan from 2.00 billion yuan, and total operating expenses declined 19.2% on an annual basis to 1.50 billion yuan from 1.85 billion yuan.

Reported net income declined 44.5% from the prior-year period to 54.5 million yuan, or 10 fen per share, from 98.1 million yuan, or 17 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.