Dongfeng's 2011 net profit skids 4.6%
Source: Bloomberg News |
March 28, 2012, Wednesday
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Print Edition
Print Edition
DONGFENG Motor Group Co, the Chinese partner of Nissan Motor Co and Honda Motor Co, yesterday said its 2011 net profit fell 4.6 percent as slowing demand and supply disruptions hurt sales.
Net income fell to 10.5 billion yuan (US$1.7 billion) from 11 billion yuan a year earlier, the company said in a statement to the Hong Kong stock exchange yesterday. That missed the 10.9 billion yuan average of 22 analysts' estimates compiled by Bloomberg News. Sales rose 7.4 percent to 131.4 billion yuan.
Dongfeng, based in Wuhan, Hubei Province, faced disruptions to production after Japan's March 11 earthquake and tsunami last year caused shortages of electricity and core parts at Nissan and Honda.
Shipments also slowed in China last year after the government reinstated a 10 percent sales tax on small cars and phased out trade-in subsidies in rural areas.
Net income fell to 10.5 billion yuan (US$1.7 billion) from 11 billion yuan a year earlier, the company said in a statement to the Hong Kong stock exchange yesterday. That missed the 10.9 billion yuan average of 22 analysts' estimates compiled by Bloomberg News. Sales rose 7.4 percent to 131.4 billion yuan.
Dongfeng, based in Wuhan, Hubei Province, faced disruptions to production after Japan's March 11 earthquake and tsunami last year caused shortages of electricity and core parts at Nissan and Honda.
Shipments also slowed in China last year after the government reinstated a 10 percent sales tax on small cars and phased out trade-in subsidies in rural areas.
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