Tyre maker YHI International has reported earnings of $19.2 million for the FY2020 ended December, 47.8% higher than earnings of $13.0 million in FY2019.

While FY2020 revenue saw a 5.7% y-o-y decrease to $422.8 million due to lower sales in both the group’s distribution and manufacturing business, gross profit was 5.6% y-o-y higher at $101.4 million mainly due to the higher gross profit margin (GPM).

GPM for the year increased 2.6 percentage points to 24.0% due to higher GPM from the group’s distribution and manufacturing business.

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