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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (5107)7/4/2005 2:45:59 PM
From: RealMuLan  Read Replies (1) of 6370
 
Two China auto firms warn of declining profit

Last Update: 8:02 AM ET July 4, 2005

SHANGHAI (MarketWatch) -- Two companies in China's auto industry, Shanghai Automotive Co. (600104.SH) and Chongqing Changan Automobile Co. (000625.SZ), warned over the weekend their net profit would decline by more than 50% in the January-June period from a year earlier.

Both companies cited higher raw material costs as one reason for the expected declines.

Shanghai Automotive Co., a major auto parts maker in China, said its net profit in the first half of 2004 was CNY1.43 billion. The company is a unit of Shanghai Automotive Industry Corp. (Group), which has partnerships with General Motors Corp. (GM) and Volkswagen AG (VOW.XE).

Changan Automobile, a partner of Ford Motor Co. (F) in China, said its net profit in the first half of 2004 was CNY798.7 million. The automaker cited increased price competition in the country's auto industry for the expected decline in first half net profit.

Listed companies in China are expected to issue their first half results by the end of August.

Increasing competition in China's auto market has recently led to a series of price cuts. Government credit controls, meanwhile, have helped curb sales growth in the once-booming sector.

In June, the National Bureau of Statistics said China's total sedan output in the first five months of this year was 1.07 million units, up 0.9% compared with the same period of 2004.

marketwatch.com
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