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Chongqing Changan Auto sees profit down 52.4% in 2011

Apr. 26, 2012 (China Knowledge) - Chongqing Changan Automobile Co Ltd<000625><200625>, a leading domestic automaker, yesterday posted RMB 967.94 million-net profit attributable to shareholders for 2011, reflecting a year-on-year decline of 52.4% from RMB 2.04 billion.

In a statement, the Shenzhen-listed firm said its revenue for last year also decreased 20.8% year on year from RMB 33.53 billion to RMB 26.55 billion. Earnings per share were RMB 0.23 last year, more than RMB 0.20 in 2010.

As of Dec. 31, 2011, the Chinese auto maker had RMB 36.53 billion in total assets and RMB 21.88 billion in total liabilities, and its debt/asset ratio was 64.2%. The company's total assets and liabilities were RMB 30.99 billion and RMB 20.23 billion at the end of 2010, respectively.

The Chongqing-based company owns joint ventures with Ford Motor Co, Mazda Motor Co and Suzuki Motor Corp, sources reported.

This year, the vehicle manufacturer expects its auto output and sales both exceed 1.9 million units with sales revenue of more than RMB 117 billion.






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