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FAW Group enlarges net loss in Q3

Oct. 30, 2012 (China Knowledge) - FAW Car Co Ltd<000800>, a listed unit of Changchun-based China FAW Group Corp, has said it suffered a net loss of RMB 250 million in the third quarter of this year, compared with a net loss of RMB 49.86 million it suffered in the corresponding period of 2011.

According to a statement, basic loss per share for the period was RMB 0.03.

From July to September 2012, the company's operation revenue reached RMB 5.73 billion, reflecting a YoY decrease of 13.87%.

In the first nine months of this year, FAW Car saw its operation revenue amount to RMB 18.13 billion, down 29.54% YoY, while its net loss for the period totaled RMB 311 million, compared with a net profit of RMB 754 million it earned in the same period of last year.

In another statement, the Shanghai listed automaker said it will develop a new high-end MPV model with total investment of RMB 1.01 billion.

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