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 project and €26 million for its automated machinery project.
Today, the company’s advantages are mostly in truck and bus tires and it aims to become a top brand for passenger car tires as well, said the interim report.