Dongfeng Auto sees Q3 net profits down 38%

Shanghai, October 31 (Gasgoo.com) Dongfeng Automobile Company has reported a fall in its third quarter net profit, despite a rise in turnover.

Donfeng, controlled by China's third-largest vehicle manufacturer, Dongfeng Motor Corporation, said its net profit fell by 37% in the third quarter of 2008 to 66.11 million yuan (US$9.69 million) from 106.68 yuan of one year earlier.

Its turnover, however, increased to 3.45 billion yuan from 3.13 billion yuan of last year's same period.

Dongfeng Motor Corporation makes pick-ups, buses, and light trucks, and is also involved in a US$100-million joint venture (JV) with diesel-engine manufacturer Cummins.

The company offered no explanation for the profit decline.