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FAW Car expects widened loss for H1

Jul. 12, 2012 (China Knowledge) - FAW Car Co Ltd<000800>, a listed unit of Changchun-based China FAW Group Corp, announced yesterday that it expects to suffer a loss of between RMB 45 million and RMB 75 million in the first half of this year, whereas it booked a net profit of RMB 804 million in H1 of 2011.

Losses per share were estimated at RMB 0.03 to RMB 0.05 in the period, said the automaker in a statement.

FAW Car attributed the loss to a significant decrease in auto sales, lower profit margin and higher expenses.

The company's auto sales fell 35.50% YoY to 91,700 units in the first six months.

FAW Car earlier reported a loss of RMB 10.86 million for the first quarter of this year, compared with a net profit of RMB 392 million in the same period of 2011.

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