Qingdao, China – Doublestar posted a 65% rise in 2016 revenue to €655 million (4.9 billion yuan) in its annual report. Net profit jumped 56% to €13 million.
The momentum slowed down in Q1 2017 with a 1% year-on-year growth rate for both revenue and net profit. The company declined to comment on the flat revenue – at €145 million – meanwhile rising costs for natural rubber and other raw materials have led to a lower margin for several Chinese tire makers.
Last year Doublestar’s domestic sales more than doubled, accounting for 70% of its total revenue. A new business referred to as ‘materials’ posted €115 million sales in 2016, although the company declined to provide further information.