Giti Tire Corporation
2010-06-26 Source：www.chinabuses.org
Summarize：Giti Tire Corporation, a global tire manufacturer, operates from 7 strategically located manufacturing plants in China. Adopting a multi-brand strategy, Giti offers a complete range of quality tires and exports to over 100 countries worldwide with North America and Europe as the key export markets.
www.chinabuses.org: Giti Tire Corporation, a global tire manufacturer, operates from 7 strategically located manufacturing plants in China. Adopting a multi-brand strategy, Giti offers a complete range of quality tires and exports to over 100 countries worldwide with North America and Europe as the key export markets.
Ranked as one of the leading tire manufacturer in China and the 14th largest globally in terms of sales revenue, Giti attributes its success to fair business practice and willingness to invest in people, research & development and manufacturing technology.
Giti is also fully aware of its corporate citizen role and will continue to contribute and support social and environmental improvement programs.
Approved by Permit [1993] No. 335 of Economic and Reform Commission of Heilongjiang Province the company was jointly established by Hualin Group Co., Ltd., Heilongjiang Longhua Associated Distribution Company and co-sponsors through private placement of shares. Company business scope: production and sales of tires, tire raw materials, production of special equipment for the rubber industry, marketing and sales of company products, technology export, production and scientific research needed raw materials.
According to the Consolidated - Audited financial statement for the Year of 2011, total net operating revenues increased with 33.24%, from CNY 3,620,178.39 thousands to CNY 4,823,618.7 thousands. Operating result increased from CNY 127,598.63 thousands to CNY 193,081.75 thousands which means 51.32% change. The results of the period increased 48.76% reaching CNY 151,913.83 thousands at the end of the period against CNY 102,116.82 thousands last year. Return on equity (Net income/Total equity) went from 8.78% to 11.85%, the Return On Asset (Net income / Total Asset) went from 3.10% to 4.15% and the Net Profit Margin (Net Income/Net Sales) went from 2.82% to 3.15% when compared to the same period of last year. The Debt to Equity Ratio (Total Liabilities/Equity) was 185.63% compared to 182.70% of last year. Finally, the Current Ratio (Current Assets/Current Liabilities) went from 1.04 to 1.41 when compared to the previous year.
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