Changan's net profits grow over 230% in Q1

Gasgoo.com (Shanghai April 11) - Changan Automobile announced that its net profit for the first quarter of the year is estimated to be between 490 million yuan and 560 million yuan ($78.43m-$89.63m), xmwb.xinmin.cn reported today. The figures represent year-on-year growth of between 234.72 percent and 282.53 percent. The manufacturer attributes the rise in its net profits over the quarter to increasing sales of its own brand sedans and growing revenue from its Changan Ford joint venture.

Changan's sales results were also very positive, with the manufacturer reporting selling 69,600 automobiles in March, 18 percent higher than the amount sold a year ago. Changan manufactured a total of 70,900 automobiles that month, equivalent to year-on-year growth of 27 percent. Its cumulative sales and production results for the first quarter of the year totaled 205,200 units and 189,500 units, representing year-on-year growth of 43 percent and 47 percent, respectively.