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Jianghuai Automobile profit plunges 83% in 2008

By Tong Hao (chinadaily.com.cn)
Updated: 2009-02-27 18:35

Anhui Jianghuai Automobile Co, Ltd (JAC) said on Friday that its net profit in 2008 plunged 82.63 percent year-on-year to 57.05 million yuan.

The Shanghai-listed company said in its annual financial report that the main reasons for the plunge were increased costs related to R&D and the marketing of its new sedans.

In addition, the sales volume of its major products including light trucks, commercial vehicles and bus chassis all decreased due to the worsening economy, especially in the second half of last year.

However, sales of JAC's sedans and small recreation vehicles rose in 2008, leading the firm’s overall business revenue to rise 3.16 percent year-on-year to 14.73 billion yuan, the report said.

JAC would seize the opportunities brought about by the central government's stimulus package for the auto industry and policy support to promote auto sales in rural areas to enlarge its market share in terms of passenger cars with small engines, the report said.