Earlier this month, a company called Giti Tire Corp. released its 2010 annual report to the Shanghai Stock Exchange.
According to Giti Tire USA officials, Giti Tire Corp. is, in fact, a subsidiary of Giti Tire Co. Ltd., and its financial results “do not represent Giti Tire Co. Ltd. It is only the results of a single subsidiary.”

The company further stated, “Giti Tire Corp. said in its 2010 annual report that it had made timely price adjustments following the industry price movement in an effort to mitigate the increase in raw material prices and the effect of fluctuating exchange rates. Some published reports incorrectly attributed the decrease in net profit to not raising selling prices in 2010.

“Giti Tire Corp. contributes approximately 15% of the combined revenue of Giti Tire Company, Ltd. and its Indonesia affiliate PT Gajah Tunggal Tbk. Giti Tire Co. Ltd., is the parent company of Giti Tire USA and Giti Tire Canada, which market and sell GT Radial, Runway and Primewell tire brands in the U.S. and Canada.”