Summary: Summary of Chinese automobile manufacturers' net profits over the first three quarters of 2013

Gasgoo.com (Shanghai) - The automobile market in China has taken a turn for the better over the first three quarters of this year, with most manufacturers reporting high increases to their net profits. Among them, FAW Car, BYD and Sinotruck posted exceptionally high profit growth records. However, there were also quite a few manufacturers who saw their profits drop this year, with some even suffering deficits.

According to statistics collected by Gasgoo.com (Chinese), the average profit level of China's automobile industry experienced positive year-on-year growth over the first three quarters of 2013. The combined net profit amount for the 23 domestic own brand manufacturers listed on the Shanghai Stock Exchange totaled 34.28 billion yuan, representing positive year-on-year growth of 26.1 percent. The average net profit rate was 4.7 percent, also slightly higher than figures from a year ago.

Among the above listed manufacturers, FAW Car, BYD and Sinotruck's performances were among the most outstanding.

FAW Car actually suffered a large net deficit of 311 million yuan over the first three quarters in 2012. Owing to better market conditions, increasing sales, decreasing auto part costs and the depreciating value of the yen, the manufacturer managed to post a net profit of 779 million over the first three quarters of this year.

BYD, which begun a three year-restructuring plan three years ago, initially saw the manufacturer's profits fall in 2011 and 2012, when they reached a low of 21 million yuan. BYD is finally reaping the successes of the plan, with its reported net profit for the first three quarters of this year totaling 465 million yuan, a year-on-year increase of 2127 percent.

Sinotruck also saw its profits grow increase over 1080 percent to the 265 million yuan posted after the first three quarters of this year. Sinotruck attributed the growth to favorable conditions in the commercial vehicle market.

Haima, Changan Automobile, ZhongTong Bus and Jinbei posted strong year-on-year net profit growth rates of over 100 percent, while JAC Motors and Great Wall Motors managed to post year -on-year net profit growth rates of 81 percent and 60.7 percent, respectively. Great Wall's performance was especially notable as it reported a net profit rate of 15.1 percent, making it the second most profitable Chinese automobile manufacturer this year. Industry juggernaut SAIC Group's net profits over the first three quarters of this year totaled 17.99 billion yuan, up 11.6 percent from 2012.

However, there were also several manufacturers that saw their net profits fall this year. FAW Xiali, Zhonghang Heibao, Yaxing Coach, Shuguang Automotive and Ankai Automobile all suffered net deficits over the first three quarters of this year. Three of those manufacturers, FAW Xiali, SG Auto and Ankai, actually posted net profits during the same time period a year ago.