Dongfeng's profit pessimism
Source: Xinhua |
July 13, 2012, Friday
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Print Edition
Print Edition
DONGFENG Automobile Co yesterday said its first-half profit may fall dramatically due to sliding sales.
In a statement filed to the Shanghai Stock Exchange, the Wuhan-based automaker forecast a 60-70 percent drop in its first-half profit as sales of heavy trucks, engines and light trucks all fell from a year earlier.
The carmaker's profit was 294.52 million yuan (US$46.75 million) in the first half of 2011.
Dongfeng is not the only automaker that has reported falling first-half sales. Beiqi Foton Motor Co, a commercial vehicle maker, said earlier this month that its heavy truck sales fell 31.4 percent annually in the first half, while light truck sales edged up 2 percent.
Anhui Jianghuai Automobile Co said on Monday its first-half sales dipped 16 percent annually, dragging profit down by 37.3 percent from one year earlier to 313 million yuan.
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