DNEPROPETROVSK, Ukraine (Sept. 13, 2012)—Ukrainian tire maker Dneproshina J.S.C. posted sales of nearly $40 million in the first six months after restarting production in January.
The tire maker said its sales are in line with plans to hit $100 million this year, thanks to strong demand for farm tires. Margins were on target, too, Dneproshina said.
The firm restructured and is managed by its two primary creditors, Ukreximbank, the largest state-owned bank in Ukraine, and Perun Capita, an investment group owned by Raiffaisen Bank, a major European bank.
Dneproshina CEO Roman Naumenko said he is satisfied with the financial results so the firm needs to continue to bring the company to the level it deserves as the largest tire manufacturer in Ukraine and one of the biggest in the region.
Dneproshina management said it is open to further off-take agreements so it can better utilize its production capacity. The firm has the capability to make an estimated 120 metric tons of tires daily at its factory in Dnepropetrovsk.