Haima sees 42.8% drop in Q1 operating profits

Shanghai, June 2 (Gasgoo.com) FAW Haima Automobile Co said recently that its operating profits fell down to 98.6 million yuan ($14 mln) in the first quarter of 2008, down 42.9 percent from one year earlier.

Revenue for the quarter dropped 16.5 percent year-on-year to 2 billion yuan, the automaker said in a statement.

FAW Haima targets sales revenue of 10.5 billion yuan in 2008, up 23.89 percent from one year earlier. Planned sales are 180,000 vehicles this year, an increase of 40,000 units from last year's 130,000 units.

According to FAW-Haima's interim plan, the company will launch new own brand sedans in the B and A0 segments as well as an MPV to boost revenue in next two or three year after 2008.