Gasgoo.com (Shanghai April 26) - Jiangling Motors Group's business returns in the first quarter of the year totaled 4.49 billion yuan ($712.21m), falling 4.94 percent from the previous year, Caijing reported today, quoting the manufacturer's recently released performance review. JMC's stockholders gained 476 million yuan ($75.44m) in net profit, 13.1 percent less than what they gained in the first quarter of 2011. The manufacturer earned .55 yuan ($.0872) for every share of its stock.
When compared to last quarter's results, the manufacturer's performance in 2011 is much more pleasing to the eye. According to its yearly performance review, released last month, JMC's business returns and net profits for the year totaled 17.46 billion yuan ($2.76b) and 1.87 billion yuan ($295.47m), respectively. Both figures represent year-on-year increases of 10.71 percent and 9.31 percent.
JMC's poor financial performance last quarter was primarily due to the manufacturer's decreasing sales. JMC sold a total of 52,700 vehicles from January to March, five percent less than what it sold in the first quarter of 2011. 14,400 of those were of Ford branded commercial vehicles, while the remaining 16,100 and 22,200 were of JMC trucks and JMC pickups and SUVs, respectively. By comparison, JMC's sales in 2011 increased nine percent, with a total of 194,600 units sold.
Increasing production and material costs have also been a factor behind JMC's first quarter performance. The manufacturer's gross profit margin last quarter was 24 percent, increasing one percent from 2011.
JMC's stock fell 1.52 percent on Tuesday, finishing at 22.06 yuan ($3.4961).
