Aug. 30, 2012 (China Knowledge) - Chongqing
Changan Automobile Co Ltd<000625
>, a leading domestic automaker, has said that its net profit plunged 45.19% YoY to RMB 570 million in the first half of this year amid slowing auto market.
The company's operating revenue fell 3.39% YoY to RMB 14.04 billion in the first six months.
Chongqing Changan Auto attributed the sharp drop in net profit to a decrease in auto sales, higher expenses and lower investment income from joint ventures.
The auto maker, together with its subsidiaries and joint ventures, sold 886,800 vehicles in the six-month period, reflecting a decline of 6.32% YoY. The company had a 9.19% share in the Chinese auto market, ranking fourth nationwide.