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Changan Auto expects over 50% plunge in 2011 profit

Jan. 20, 2012 (China Knowledge) - Chongqing Changan Automobile Co Ltd<000625><200625>, a leading domestic automaker, said yesterday that it expected its net profit to fall between 50.67% and 55.60% year on year in 2011, due to the slowing Chinese auto market.

The company said in a statement that its net profit last year was estimated at between RMB 900 million and RMB 1 billion.

Basic earnings per share were expected to be between RMB 0.19 and RMB 0.21.

In 2010, the company's net profit was RMB 2.03 billion, and basic earnings per share were RMB 0.42.

The Shenzhen-based automaker sold 612,300 mini-cars in 2011, reflecting a decline of 28.25% year on year. This year, the company aims to sell 850,000 vehicles.

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