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Dongfeng Motor's profit plunges 72.03% in Q1

Apr. 26, 2012 (China Knowledge) - Dongfeng Motor Group Co Ltd<0489> reaped RMB 53.28 million in net profit attributable to shareholders in the first quarter of this year, reflecting a year-on-year plunge of 72.03%.

In a statement filed with the Hong Kong Stock Exchange, the company said its operating revenue declined by 3.98% from a year earlier to RMB 5.21 billion in the first quarter. Earnings per share were RMB 2.66 RMB cents.

In the three months ended Mar. 31, 2012, the company saw its total vehicle sales decrease 4.43% year on year. Sales of light-duty trucks declined 10.65% on a year-on-year basis, pickups slid 8.09%, sport utility vehicles or SUVs and multi-purpose vehicles or MPVs grew 8.82%, as well as buses and chassis surged 30.82%.

Dongfeng Motor expects to export approximately 300,000 vehicles in 2016, said the company at the 2012 Beijing International Automotive Exhibition. The firm's auto exports for 2011 totaled 63,800 units with export value of US$1.06 billion.

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