On October 30, Shandong Linglong Tire Co., Ltd. released its report for the third quarter of 2021. The operating income in the first three quarters was 14.315 billion yuan, an increase of 8.07% year-on-year (the same below); the net profit attributable to shareholders of listed companies was 929 million yuan, a decrease of 41.91%.
In the third quarter, Linglong Tire produced 16.0992 million tires; sales volume was 15.4089 million, down 11.64%; tire sales reached 4.219 billion yuan. Operating income was 4.277 billion yuan, down 14.52%; the net profit attributable to shareholders of listed companies was 155 million yuan, down 77.96%.
Linglong Tire said that the main reason for the decline in profit was the increase in raw material prices and the decrease in gross profit margin year-on-year.
The report pointed out that in the third quarter, the comprehensive procurement cost of the five main raw materials of natural rubber, synthetic rubber, carbon black, steel cord, and cord fabric fell by 0.05% month-on-month and increased by 24.77% year-on-year.
During the same period, due to changes in the market structure and internal product structure, the selling price of its tire products decreased by 8.06% month-on-month and 3.19% year-on-year.
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