Tianjin, China - Chinese tire machinery manufacturer Tianjin Saixiang Technology Co. Ltd (TST) is forecasting net losses of between 5 million yuan (€0.7 million) and 10 million yuan for the first quarter of 2016.
The expected losses in the company's estimated Q1 results, mark a reversal from the 9.8 million yuan net profit posted by the company in Q1 2015.
As ERJ recently reported, TST pegged its 2015 annual sales at 362 million yuan (€50 million), down by 51 percent from the previous year.
The company saw a €13-million net loss last year compared to €7 million net profit in 2014.
TST attributed the slide to a languid market in both China and overseas. TST’s total assets also dropped by 3 percent to €238 million.
In its filings during March, TST also revealed that Shi Hang had replaced Zhang Jianhao as the company’s chairman and legal representative.
No further details were given about the change of leadership.