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Guangzhou Automobile Group''s 2011 net profit hits RMB 4.27 bln

Apr. 2, 2012 (China Knowledge) - Guangzhou Automobile Group Co Ltd<601238><2238>, the Chinese partner of Honda Motor and Toyota Motor, announced yesterday that its net profit fell 0.5% year on year to RMB 4.27 billion in 2011 amid a slowing auto market.

The company's revenue rose 25.6% year on year to RMB 10.98 billion last year.

Revenue from passenger car segment reached RMB 9.86 billion last year, accounting for 89.79% of the firm's total revenue, and that from commercial car sector was RMB 462 million.

The auto maker saw its gross profit margin fell to 3.9% in 2011 from 8.5% in 2010 as one of its units was in early mass production.

The company sold 744,000 vehicles in 2011, 2.23% more than in the previous year. The figure included 721,100 passenger cars and 19,299 commercial vehicles. Auto output grew 3.07% year on year to 740,400 units in the period.

In terms of sales volume, the group had a 4% share in the auto market in China in 2011, with a 20.8% share in the intermediate and senior passenger vehicle market and an 8.06% share in the SUV market.

Guangzhou Automobile Group expected the Chinese auto industry to grow about 8% this year.

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