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Jiangling Motors' net profit down 24.18% in H1

Jul. 18, 2012 (China Knowledge) - Jiangling Motors Corp Ltd<000550><200550>, one of China's major car-makers, announced yesterday that its net profit dropped 24.18% YoY to RMB 818 million in the first half of this year.

The company said that the decline in net profit was mainly due to the increasing promotions, weak sales of commercial vehicles, strategy depreciation and the change of marketing mix.

In a statement filed with Shenzhen Stock Exchange, the automaker saw its operating revenue for the period hit RMB 8.72 billion, 5.42% lower than it realized in the same period of 2011, while earnings per share were RMB 0.95.

From January to June 2012, Jiangling Motors sold a total of 102,600 units of vehicles, reflecting a Y-o-Y decrease of 3%.

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