Linglong Tire posts profit jump in Q3; mulls overseas acquisition

Yantai, China – Linglong Tire reported a 76 percent jump in net profit less non-recurring items to €101 million (744 million yuan) over the first nine months of 2016.

Total net profit soared 272 percent to €105 million, partly because loss caused by the fire at its Thai plant was counted in Q3 2015. Increased yields from rubber futures trading also contributed to the profit rise, said the report.

Revenue during the same period grew by 16 percent to €1 billion.

Linglong’s shares on the Shanghai Stock Exchange have been suspended since 14 November for “possible overseas acquisition,” said the company’s statement.