Guangzhou Auto says 2012 profit to fall 70-80 pct
HONG KONG |
HONG KONG Jan 25 (Reuters) - Guangzhou Automobile Group, one of China's big state-owned auto enterprises, said it expects 2012 net profit to decline by 70 to 80 percent from a year earlier, according to a filing after markets closed on Friday.
Guangzhou Automobile, which makes cars with Japan's Honda , attributed a large part of the loss to reduced sales after a dispute between Japan and China over the Diaoyu Islands, increasing competition and restrictions on automobile purchases in some central Chinese cities.
For full statement, here
(Reporting by Clement Tan; Editing by Anne Marie Roantree)
- Tweet this
- Share this
- Digg this