Sinotruk's net profit in Q1 falls almost 86%
www.chinatrucks.com: Sinotruck's business returns and net profit in the first quarter of the year totaled 5.29 billion yuan ($839.54m) and 13.16 million yuan ($2.09m), Caijing reported today, quoting the manufacturer's recently released performance review. The figures represent year-on-year decreases of 23.27 percent and 85.92 percent, respectively. On average, the manufacturer's stock was worth .03 yuan ($.0048) per share.
According to an official statement, Sinotruck attributes its lackluster performance to various macroeconomic and inflation policies having not yet come into effect. The manufacturer plans to provide low cost loans and strictly control production costs to increase its profits in the future.
Sinotruck's financial performance has been following a downward trend since 2011. According to the manufacturer's annual performance report, released last month, Sinotruck's business returns and net profit last year totaled 26 billion yuan ($4.11b) and 360 million yuan ($56.88m). Both numbers were lower than their respective 2010 figures, representing year-on-year decreases of ten percent and 46 percent.
Performance results from the first quarter of 2012 are looking even grimmer. According to the review, Sinotruck produced and sold 25,000 and 20,600 vehicles during the three month period, decreasing 34.6 percent and 17.75 percent from the first quarter of 2011.
According to another recently released report, Sinotruck expects its net profits in the first half of the year to be 50 percent to 100 percent lower than they were in the first half of 2011.
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