Dongfeng's net profits fall over 94% in 2012

Gasgoo.com (Shanghai March 26) - Faced with an increasingly harsh commercial vehicle market and with its passenger automobile sales not picking up the slack, Dongfeng Motor's income and net profit dropped significantly last year. According to a China Securities Journal report appearing today, Dongfeng Motor's income and net profit last year totaled 17.7 billion yuan ($2.82b) and 21.73 million yuan ($3.47m), respectively. Both figures represented negative year-on-year growth of 17.26 percent and 94.82 percent, respectively. The manufacturer's stock was valued at .0109 yuan ($.0017) per share.

Dongfeng sold a total of 263,200 vehicles last year, 17.5 percent less than the amount it sold in 2011. The manufacturer's engine sales also fell 28 percent last year, with sales totaling 162,200 units. Dongfeng attributes its lackluster sales performance to poor market conditions, late market releases of new models, such as the CV03 (pictured), and increasing anti-Japanese sentiment over the latter half of the year, which hurt the performance of its Zhengzhou Nissan joint venture.