Chinese automakers' Q3 net profit jumps 45%
- Source: Gasgoo
- [08:27 November 30 2010]
- Comments
Twenty-one listed auto-making companies in China reported revenue of 149.23 billion ($22.39 billion) for the third quarter of 2010, up 55.10 percent from the same period last year, according to the companies' financial results.
Net profit in Q3 came to 64.66 billion yuan, a year-on-year increase of 44.88 percent, while the average profit margin slipped to 4.33 percent from 4.64 percent a year ago.
Anhui Xingma Auto and Jianghuai Auto posted the strongest net profit growth of 321.9 percent and 148.5 percent, respectively, in the third quarter, when compared with the same period last year.
But not all the listed Chinese companies performed well last quarter, FAW Car, FAW Xiali and GAC Changfeng saw their net profits fall 16.1 percent, 97.4 percent and 24.5 percent respectively in terms of the passenger vehicle business.
Ankai Bus and Zhongtong Bus had a decline of 26.8 percent and 50.7 percent in net profit for the third quarter respectively. In the meanwhile, light-duty vehicle makers, ST Jinbei and Dongan Heibao Co saw their net profits decrease 89.5 percent and 108.3 percent respectively from the year-earlier third quarter.
