Shanghai Tyre and Rubber Co says it has made consolidated net profit of 49.13 million yuan (about HK$45.59 million) in the first half of the year, but analysts are not heartened by the way the figures are presented. One Shanghai-based analyst with a European brokerage said: 'It is such a poorly run company. Accounts were chaotic and messy. Not even officials themselves have the same interpretation on profit figures.' The unaudited figures were compiled using Chinese accounting standards, with no comparative consolidated figures provided. 'We did not have consolidated accounts last year because profit contributions from associates and subsidiaries were dismal,' Shanghai Tyre spokesman Jin Fannan said. Before contributions from associates and subsidiaries, Shanghai Tyre posted a net profit of 45.87 million yuan, up 31.1 per cent from 34.98 million yuan a year ago. Per-share earnings were 0.061 yuan. At the operating level, losses were 37.98 million yuan in its core business in the first six months, despite sales of 1.83 billion yuan. Analysts said Shanghai Tyre's interim results were masked by the way the figures were compiled. New China Hong Kong Research analyst Chiao Huang said the figures compiled using Chinese accounting standards did not reflect the company's actual sales performance. 'There is a big gap between Chinese and mainland accountings standards. The Chinese accounting figures did not mean anything to foreign investors,' Ms Huang said. Last year, Shanghai Tyre had a net loss of 170.4 million yuan under international accounting standards, but profit of more than 7 million yuan under Chinese accounting standards. 'The difference boils down to how the company revises its interest expenses and depreciation costs, which may vary greatly,' the Shanghai-based analyst said. He said Shanghai Tyre could reverse its fortune this year, after two successive losses resulting from credit tightening. 'The company may be able to break even this year,' he said.