Gasgoo.com (Shanghai November 8) - GAC Changfeng reported a net loss of 80.14 million yuan ($12.64m) from July to September, Economic Observer News reported today. The manufacturer's losses this year have now past the 100 million yuan ($15.78m) mark.
Meanwhile, Changfeng's board of directors has accepted Vice President He Kun's resignation. This is the second time in a year and a half that the manufacturer has seen a top level executive leaving the company, with Zhong Biao resigning from the post of vice president last June.
Things for Changfeng were quite different last year, when the manufacturer reported a third quarter profit of 25.44 million yuan ($3.83m). Changfeng's dramatic turnaround in performance is due primarily to the following three factors: appreciation of the yen, rising resource costs and sales decreasing overall. The manufacturer's has only 2.25 billion yuan ($355.14m) in floating assets, while its floating liabilities have reached 3.69 billion yuan ($582.43m).
