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China carmaker Changan profit down 90 pct in 2018

April 23, 2019


Abstract : Chinese automaker Chongqing Changan Automobile Co., Ltd. posted a 90.5 percent plunge in net profit for 2018 amid falling sales.

SHENZHEN, April 22 (Xinhua) -- Chinese automaker Chongqing Changan Automobile Co., Ltd. posted a 90.5 percent plunge in net profit for 2018 amid falling sales.

In a filing to the Shenzhen Stock Exchange, Changan said it reaped a net profit of 680.7 million yuan (101.4 million U.S. dollars) last year, compared with 7.1 billion yuan in 2017.

During the year, its revenue fell 17.1 percent year-on-year to 66.3 billion yuan.

Changan's automobile sales totalled 2.14 million units in 2018, roughly one-quarter less than 2.87 million units in 2017, as China's auto market experienced a bumpy year.

China's auto market remained sluggish in the January-March period, with sales down 11.3 percent year-on-year to 6.37 million units, according to the China Association of Automobile Manufacturers.

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