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FAW Car swings to loss in Q1

Apr. 27, 2012 (China Knowledge) - FAW Car Co Ltd<000800>, a listed unit of Changchun-based China FAW Group Corp, has posted RMB 10.86 million-net loss for the first quarter of this year, whereas it earned RMB 392 million in net profit in the same period of 2011.

Revenue for the first quarter 2012 declined 34.39% from a year earlier to RMB 6.29 billion.

During the period from January to March, the Shenzhen-listed firm sold 46,600 vehicles, down 34.09% year on year, partly dragged down by increased materials and operating costs.

In addition, FAW Car has posted RMB 216.83 million-net profit for 2011, plunging 88.24% from a year earlier. Operating revenue for last year declined 12.6% from a year earlier to RMB 32.65 billion.

More than 240,000 vehicles were sold in 2011, 10% less than FAW Car sold in 2010.

FAW Car said no dividend was declared last year. The firm's dividend payout ratio was more than 50% from 2006 to 2008, but the ratio declined to 42.2% in 2009 and 25.4% in 2010, sources reported.

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