Revenue over the period grew by 4% to €739 million, according to Aeolus’ financial report released earlier this week. The Shanghai-listed company’s share price has dropped by 10% since.
“Fluctuating prices of natural rubber and other major feedstock, among other factors, have caused a 4% drop in our company’s tire product price in Q3 2017 from Q2,” said a company filing. In Q3 alone Aeolus sold 1.9 million unit tires, generating €252 million sales.
In early 2017 natural rubber price rocketed to $2,400 per tonne, but in the third quarter oscillated to $1,800 per tonne, said the filing.
Synthetic rubber saw a similar wave with its price rapidly rising since 2016 year end to €3,250 per tonne and declining to €1,950 per tonne in August.
Carbon black price had a slow downward trajectory in Q2 and early Q3 but has been hiking since September, representing a 60% jump from the beginning of this year.
Steel cord price also climbed by 20% to 30% during the first nine months, the filing added.