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April 13, 2010 02:00 AM

Vietnamese tire maker's profits soar

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    HO CHI MINH CITY, Vietnam (April 13, 2010)—Sales rose while profits soared in 2009 at Vietnamese tire maker Casumina.

    The company said sales rose 16.4 percent to $131.5 million in the 12 months, while operating profits jumped to $17.3 million from $245,500.

    The company said it made 4 million bicycle tires in 2009, down from 4.19 million in 2008. Production of motorcycle tires increased to 4.95 million from 4.68 million, while car tire production rose to 807,000 units from 682,000. The company made 20 million motorcycle tubes, up from 16.4 million a year earlier.

    Total export value declined to $57.2 million from $74.6 million in 2008, the firms aid.

    Casumina said it has been developing truck tires with help from Continental A.G., and has produced some prototypes which met the requirements of Continental.

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