JIAOZUO, China—Aeolus Tyre posted $30.3 million net loss for the first nine months of 2017, compared with $9.33 million net profit during the same period last year.
Revenue during the period grew by 4 percent to $861.4 million, according to Aeolus' financial report released earlier this week. The Shanghai-listed company's share price has dropped by 10 percent since.
"Fluctuating prices of natural rubber and other major feedstock, among other factors, have caused a 4 percent drop in our company's tire product price in Q3 2017 from Q2," said a company filing. In Q3 alone Aeolus sold 1.9 million unit tires, generating $293.7 million sales.
In early 2017 natural rubber price rocketed to $2,400 per metric ton, but in the third quarter oscillated to $1,800 per metric ton, said the filing.
Synthetic rubber saw a similar wave with its price rapidly rising since the end of 2016 to $3,788 per metric ton and declining to $2,273 per metric ton in August.
Carbon black price had a slow downward trajectory in Q2 and early Q3 but has been hiking since September, representing a 60 percent jump from the beginning of this year.
Aeolus said steel cord price also climbed by 20 percent to 30 percent during the first nine months.