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Jianghuai Auto sees 69.4% plunge in Q1 net profit

Apr. 18, 2012 (China Knowledge) - Anhui Jianghuai Automobile Corp<600418>, China's leading exporter of light trucks, announced yesterday that its net profit fell 69.4% year on year to RMB 103 million in the first quarter of this year, dragged down by a decline in auto sales.

The company's operating revenue was RMB 7.25 billion in the first quarter, down over 20% from RMB 9.47 billion in the corresponding period of last year.

The Shanghai-listed auto maker sold 47,024 vehicles in the first three months, 22.75% less than in the same period of last year.  The firm's auto output dropped 20.71% year on year to 44,461 units during the period.

Anhui Jianghuai Automobile earlier reported a net profit of RMB 618 million for 2011, reflecting a decrease of 46.88% year on year. Operating revenue climbed 2.58% from the previous year to RMB 30.47 billion last year.

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