China Tire posts loss in 1999

HONG KONG (May 10)—China Tire Holdings Ltd. suffered an $18.5 million loss last year on slightly lower sales of $316.7 million. China Tire blamed the loss on a write-off of assets and provisions taken to cover a judicial award not yet recovered. China Tire reported a 9-percent increase in the number of tires sold, to 6.9 million, but lower selling prices both domestically and abroad left sales 1.4 percent lower than in 1998, the company said.