Dongfeng Profit Falls 34% Last Year
2009-03-30 Source：english.chinabuses.com
Dongfeng Automobile Co reported its net profit fell 34 percent last year, blaming weak demand for its commercial vehicles amid the economic slowdown.
The nation's second-largest commercial vehicle maker said income slid to 315 million yuan (US$46 million) last year, according to a statement filed to the Shanghai Stock Exchange yesterday.
Its sales revenue, however, rose 14.8 percent to 12 billion yuan after selling 170,717 vehicles, an increase of 13.78 percent from a year earlier.
Dongfeng said China's commercial vehicle market has been greatly affected by the global financial crisis. Declining exports and surging raw material prices hurt the firm's performance.
China Commercial vehicle sales rose 5.25 percent to 2.62 million units. The growth rate was 17 percentage points slower than the same period a year earlier.
Dongfeng company also aims to boost sales through launching new products, technological innovation and expansion in overseas markets.
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