Jianghuai Auto reports 94.6% drop in 2008 profit
Anhui Jianghuai Automobile co., Ltd. (JAC), one of China's largest commercial vehicle makers, said its 2008 profit fell by 94.58% from a year earlier, with the key operation profit declining by 98.74% to 4.8608 million yuan ($711,680), according to the company's annual report announced on Feb.27.
JAC's leading products Ruifeng MPV, light truck and bus chassis all posted sales drop in 2008, with Ruifeng sales falling by 9.35% year on year(y/y)and light truck falling by 9.96% y/y.
JAC's sharp drop in 2008 profit was mostly caused by its investment in lots of new projects. In addition, the company's core business was badly hit by the overall decline of commercial vehicle market in the year, leaving a negative impact on its 2009 operation.
The commercial vehicle maker, which has tried to build passenger vehicles, has invested a lot in passenger vehicle project as new products R&D and market promotion, but it hasn't seen big profit now. In 2008, JAC sold 11,683 passenger vehicles, of which 8,291 are Binyue cars and 3,392 are Tongyue cars.
JAC is hoping to return to profit in 2009 by capturing the opportunity of the country's automotive stimulus plan. Additionally, the automaker aims to merge its sales networks of commercial vehicles and passenger vehicles.
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