Changan's net profit falls over 50% in 2011

Gasgoo.com (Shanghai April 28) - Chongqing-based Changan Automobile earned 968 million yuan ($152.95m) in net profit last year, Caijing reported today, citing the manufacturer's recently released yearly sales review. The amount is 52.44 percent lower than what Changan earned in 2010. The manufacturer earned .2 yuan ($.0316) for every share of its stock.

The manufacturer, along with its subsidiaries, gained 105.7 billion yuan ($16.7b) in income from its sales last year. Income as reported on the manufacturer's consolidated financial statement for the year was 26.5 billion yuan ($4.19b), 20.8 percent lower than 2010.

According to the review, Changan manufactured and sold respective totals of 1.69 million and 1.7 million vehicles last year. The figures represent year-on-year decrease of 11.13 percent and 10.62 percent, respectively. Microvans and own brand sedans totaled 612,300 and 204,300 units, also falling from last year.

Statistics from the China Association of Automobile Manufacturers show that Changan's market share last year fell 1.34 percent, finishing at 9.19 percent. That figure was still among the top four for domestic manufacturers.

The manufacturer stated that it will work hard to achieve sales of over 1.9 million vehicles this year, with expected income to exceed 117 billion yuan ($18.56b).

Changan's stock fell .62 percent on Wednesday, finishing at 4.78 yuan ($.7573).