BUSINESS China's leading tire producer posts rising net profit in 2019

BUSINESS

China's leading tire producer posts rising net profit in 2019

Xinhua

14:08, April 14, 2020

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File photo: CGTN

JINAN, April 14 (Xinhua) -- Shangdong Linglong Tire Co. Ltd. (Linglong Tire), a leading Chinese tire manufacturer, saw annual growth of 41.2 percent in net profit attributable to shareholders of the listed company in 2019.

The company said its net profit attributable to shareholders of the listed company reached 1.67 billion yuan (238 million U.S. dollars) last year.

Linglong Tire sold a total of 58.99 million tires in 2019, with its sales revenue reaching 17.2 billion yuan, up 12.17 percent year on year.

Founded in 1975 and headquartered in east China's Shandong Province, Linglong Tire sells its products to companies in over 180 countries and regions, including world-class automakers such as Volkswagen, General Motors and Ford.

The company now has two overseas manufacturing plants in Thailand and Serbia, respectively.

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