Chinese lead-acid battery producer and recycler Tianneng Group has reported a 10% decrease in its gross profit margin for 2014.
Despite revenue increasing by 3% to RMB14,043m ($2,291m) the company announced a decrease in gross profits of RMB1,263 ($206m)
The announcement comes as lead-acid battery prices fell between 4-9% in 2014, according to Tianneng’s annual report.
The fall in prices comes amid intensifying price war and weak consumption last year, which caused profits of battery producers to fall, according to Shanghai Metals Market.
The annual report’s publication came in the same day Tianneng Power International Limited’s board of directors announced Yang Lianming had resigned as an executive director of the Company.
Officially Mr Lianming resigned because he wishes to focus on his other duties in the Group.
