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Anhui Quanchai Engine expects significant drop in H1 profit

Jul. 25, 2012 (China Knowledge) - Anhui Quanchai Engine Co Ltd<600218>, principally engaged in the manufacture and sale of small power multi-cylinder and single cylinder diesel engines, announced yesterday that it expects its net profit to fall between  50% and 100% YoY in the first half of this year.

In the first six months of 2011, the company's net profit was RMB 41.66 million.

The Shanghai-listed company said in a statement that the sharp drop in net profit was due mainly to a drop in gross profit margin that was squeezed by higher raw material cost, and to a significant decline in investment income.

Anhui Quanchai Engine earlier reported a net profit of RMB 13.84 million for the first quarter of this year, 38.46% less than in the same period of last year. Core business revenue climbed 1.71% YoY to RMB 772.30 million in Q1.

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