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Doublestar sales down; raises funds for smart plants

Qingdao, China – Doublestar posted a 16% year-on-year drop in first-half revenues to €264 million (2.1 billion yuan), according to the company’s 2017 interim report.

Over the same period the company’s net profit less nonrecurring income declined by 18% to €5 million, added the report released in August.

Doublestar also obtained regulatory approval on 21 Sept to issue 180 million new shares through private placement.

The company plans to raise up to €115 million for further investment in its existing smart plants, including €89 million earmarked for its high performance passenger car tire…

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