Chaowei Power Holdings Ltd Issues FY 2012 Profit Guidance Below Analysts' Estimates

Chaowei Power Holdings Ltd announced that, based on the information currently available and a preliminary review of the consolidated management accounts of the Company for fiscal 2012, the Company expects to record a moderate increase in the profit attributable to owners of the Company, currently expected to be not more than CNY510 million, as compared to the profit attributable to owners of the Company of approximately CNY455 million for fiscal 2011. The Board consider that the expected moderate growth in profit attributable to owners of the Company was mainly attributable to the persistent pressures on the selling prices in the lead acid motive batteries market in the PRC since the fourth quarter in 2012, as a result of fierce competition in the industry. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income CNY610 million for fiscal 2012.