Disappointing Performance of Listed Company in the First Three Quarters of 2012

www.chinatrucks.com. Reports of domestic listed vehicle companies in the third quarter have been released one by one. Due to the influence of soft demand in the market, the performances of listed companies were disappointing since the beginning of 2012. Declines were seen in net profit and average net profit. 17 of 50 vehicle and parts companies achieved year-on-year positive growth and the other two-thirds witnessed drops, even loss, in net profit.

As statistics shows, a 0.3% micro increase was achieved in the total revenue for 23 companies, which were listed in Shanghai and Shenzhen, up to 621,386 million Yuan, however, the total net profit dropped by 5.4% on a year-on-year basis. The ratio of net profit reached a 0.2% year-on-year drop, up to 4.4%.

Shanghai Auto achieved a mere 1.43% year-on-year growth in net profit, up to 5.347 billion Yuan, a record low of seasonal growth in three and a half years; FAW saw a 250 million Yuan loss in itself, which was a 5 times increase in deficit compared with the same period last year, the company experienced a 311 million Yuan loss in the first three quarters. FAW explained the continual loss was due to the double decline in sales and price.

www.chinatrucks.com. An annul loss is inevitable as predicted by Dongfeng in the report. In the first three quarters, the operation revenue reached 13.974 billion Yuan, a 13.27% year-on-year decline; the net profit reached 18 million Yuan, a 94.16% year-on-year decline. Influenced by the gloomy heavy truck market, sales of Dongfeng Cummins engine dropped by 30.46% on a year-on-year basis, which has led to the decline of income on investment over the same period last year. This is the key reason for the downward performance.

Changan Auto gained a 22% year-on-year growth in the revenue in the first three quarters and the net profit rose by 229.93% over the same period last year. The report has showed that the rebound is inseparable with the strong supports from the local government. The company’s revenue reached 20.22 billion Yuan in the first three quarters, a 3.14% year-on-year growth; the net profit reached 755 million Yuan with a 15.88% year-on-year decline. As the report revealed, due to 100.02 million Yuan of R&D fund from Chongiqng Bureau of Finance and Liangjiang New Area, the company reached a 185 million net profit.

Jinbei and Great Wall gave the market some surprises. Jinben, thanks to the sales profit and subsidy from the government, reached a net profit of 17.4196 million Yuan with a year-on-year growth of 201.75% in the first three quarters. The revenue of Great Wall reached 29.5 billion Yuan, a 38% year-on-year growth; the net profit grew by 51% over the same period last year, up to 3.84 billion Yuan.

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