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News

Sharp fall in profits at Changan

5 September 2012
Chongqing Changan Automobile posted a 45 per cent year-on-year fall in net profits to Rmb570m in the first half of 2012 amid a slowing auto market. Its operating revenue fell 3.4 per cent to Rmb14.04bn.

Chongqing Changan attributed the sharp drop in net profit to a decline in car sales, higher costs and lower income from joint ventures.

The carmaker, including its subsidiaries and joint ventures, sold 886,800 vehicles in the six-month period, reflecting a decline of 6.32 per cent year-on-year. It has a share of just over 9 per cent of the Chinese auto market, ranking fourth nationwide.

     
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