China auto industry profits up 9% in Jan-Nov '08

Shanghai, February 9 (Gasgoo.com) During Jan. - Nov. 2008, China's auto industry maintained growth but the growth rate dropped from one year earlier, with accumulated profit reaching 130.955 billion yuan ($19.173 billion) and the growth rate declining by 54.14%, xinhuanet.com said, citing data released by the China Association of Automobile Manufactures(CAAM).

Up to Nov. 2008, the total output value of China's auto industry increased by 17.59% year on year(y/y) to reach 2.314 trillion yuan, with the growth rate falling by 14.39%. The auto industry's sales value was up 18.72% y/y to reach 2.277 trillion yuan and the rate of growth was down 13.43%. The accumulated business revenue reached 2.276 trillion yuan, up 19.12% and the rate of growth down by 12.06%. The total profits hit 130.955 billion yuan, up 9.05% y/y and the growth rate down by 54.14%.

The data is collected by CAAM according to reports of 11,376 auto companies in China.

The association also announced the report of China's 19 key auto companies, which showed from January to November 2008, the 19 auto companies' total revenue increased by 13.25% to 1.108 trillion yuan. The growth rate decreased by 13.87% from 2007 and their total profits reached 65.628 billion yuan, down 0.53% y/y.

These companies' added value was accumulated at 209.039 billion yuan, down by 0.25% y/y during this period.
 
The total output value of the 19 companies was up 6.68% y/y to 984 billion yuan, with the growth rate falling 21.99% over 2007. The sales value of those companies increased by 8.19% y/y to reach 976.959 billion yuan and the rate of growth dropped 21.74%.