Raw material, currency pressures hit Sailun Q3 profit despite revenue growth

Rising raw material costs and adverse currency movements pushed Sailun Group’s third-quarter net profit down 46.94 per cent year on year, despite an 8.58 per cent increase in revenue. Reporting its unaudited quarterly results, the tyre maker says that selling price increases had lagged behind higher input costs, while depreciation of the US dollar and other foreign currencies against the renminbi added pressure on profitability.