Doublestar reduced the loss

The Chinese company Qingdao Doublestar has released preliminary results for the first half of the year, reporting that the expected net loss has decreased from 131 million yuan (18 million dollars) in the previous year to 45-60 million yuan (6.2-8.3 million dollars).

Doublestar notes that it continues to expand its sales channels and update its product range, and despite negative factors such as the growth of transportation costs and "increasingly strong competition in the market", the company has managed to increase sales volumes, especially outside of China.

According to Doublestar's data, in the first half of the year, the company increased its revenue in the international market by more than 10%, while sales of high-margin products grew by 83%.

It is noted that the company's profitability in the passenger tire market continues to improve, which helped reduce the net loss, however, it still did not manage to become profitable, including due to weak demand in the truck and bus tire segment.