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Guangzhou Automobile's profit down 37.29% in Q1

May. 2, 2012 (China Knowledge) - Guangzhou Automobile Group Co Ltd<600991><2238>, the Chinese partner of Japan-based Honda Motor and Toyota Motor, has posted RMB 902 million-net profit for the first quarter of this year, reflecting a year-on-year decline of 37.29%.

The Chinese automaker attributed the profit decrease mainly to increased operating costs and lower investment income.

During the period from January to March 2012, Guangzhou Automobile's operating revenue also decreased 10.38% from a year earlier to RMB 2.43 billion. Earnings per share were RMB 0.15, down 34.78% year on year.

The company had RMB 51.78 billion in total assets as of Mar. 31, 2012, whereas it had RMB 44.34 billion at the end of last year, representing an increase of 16.79%.

On Mar. 29, Guangzhou Automobile merged with Shanghai-listed GAC Changfeng Motor by issuing A shares to list on the Shanghai Stock Exchange.

In addition, Guangzhou Automobile is in the process of launching a joint venture with Japanese carmaker Mitsubishi Motors, sources reported.

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