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FAW Xiali profit down 40.3 percent in H1

Ally From www.gasgoo.com| August 27 , 2007 17:12 BJT

Shanghai. August 27 (Gasgoo.com) - Tianjin FAW Xiali Automobile Co. a Shenzhen listed joint venture of FAW and Toyota, posted a 40.3 percent fall in net profit in the first half year, and the company's earnings per share was 0.07 yuan, according to the company's H1 report.

Net income slid to 116 million yuan ($15.3 million), or 0.07 yuan a share, in the first six months; Earnings from core business declined by 4.8 percent year on year to 4.02 billion yuan ($530.4 million).

Two factors have contributed to this decline: first, the slump of low-end economy car market in this spring has negatively impacted the company's profit; second, the increased competition in Chinese market has forced FAW Xiali to cut prices at expense of its profits.

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