Qingdao, China – Doublestar posted €4 million (28 million yuan) net profit in 2018, down by 75% from 2017. Revenue dropped 6% to €544 million.
The company had €59 million net loss less non-recurring items in 2018, according to its annual report released in April.
Tire sales volume jumped 14% to 9.5 million unit in 2018, meanwhile the business’ gross profit margin stood at 8.4% last year, down from 20% in 2017.
Doublestar linked the decline in profit partly to market headwinds such as trade conflicts and China’s…