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Sinotruk sees profit for Q1 plunge 85.92%

Apr. 26, 2012 (China Knowledge) - China National Heavy Duty Truck Group Co Ltd or Sinotruk Group<000951>, a truck manufacturing state-owned enterprise, has posted RMB 13.16 million-net profit attributable to shareholders for the first quarter of this year, plunging 85.92% from a year earlier.

Operating revenue for the quarter also declined 23.27% year on year to nearly RMB 5.29 billion. Earnings per share were RMB 0.03.

In the three months ended Mar. 31, 2012, Sinotruck produced 25,000 vehicles, down 34.6% from a year earlier, and its auto sales declined 17.75% year on year to 206,000 units.

The Chinese heavy-duty truck maker also expects its net profit for the first half of 2012 would decline 50% to 100% from RMB 303 million it earned in the same period of 2011.

Sinotruck, which exported 2,000 heavy-duty trucks to Brazil this month, has inked a letter of intent to build a truck plant in Lages of the Latin American country with an investment of around US$160 million, sources reported.

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