Dongfeng Motor Group says Q1 profit at $125 mln

Dongfeng Motor Group, China's third-largest automaker, late on Tuesday posted an unaudited profit attributable to equity holders of 851.23 million yuan ($124.6 million) for the first quarter of 2009.

Dongfeng, which operates car manufacturing ventures with PSA Peugeot-Citroen, Honda Motor and Nissan Motor, said the figures were prepared in accordance with Chinese accounting standards. It gave no comparison figures or details.

The company also said it had issued its first tranche of 2 billion yuan ($292.7 million) one-year short-term debentures to institutional investors in China.

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Dongfeng, which posted a 7.2 percent rise in 2008 profit to 4.04 billion yuan ($591.2 million), said earlier this week its vehicle sales in May rose 6.44 percent year-on-year, lagging a 34.02 percent gain in the overall market.