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FAW Car forecasts 88.34% plunge in 2011 profit

Mar. 8, 2012 (China Knowledge) - FAW Car Co Ltd<000800>, a listed unit of Changchun-based China FAW Group Corp, said yesterday that it expected its net profit to fall 88.34% year on year to RMB 217 million last year amid a slowing Chinese auto market.

Basic earnings per share were estimated at RMB 0.13, down 88.34% year on year.

The automaker's unaudited operating revenue declined 12.45% year on year to RMB 32.65 billion in 2011.

The company earlier reported a net profit of RMB 754 million for the first three quarters of last year, which indicated that it suffered a loss of RMB 537 million in the fourth quarter.

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