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    Greater China
     Feb 1, 2005
Paint China's auto industry red - for losses

BEIJING - Listed Chinese automakers are expected to suffer from losses across-the-board in 2005, experts predicted. The plummeting sales in 2004 already plunged part of the automakers into the red. To add fuel to the fire, the inertia of the auto market and the anticipated price war will make more automakers deep in the red, said experts.

Statistics from the China Association of Automotive Industry showed that 23 mainstream carmakers saw their performances slide in 2004 and four of them were plunged into the red.

Brilliance Jinbei Automobile Co Ltd in Shenyang sustained a loss of 356.37 million yuan (US$43.11 million) in January-November 2004, the deficit of Yueda KIA Automobile Co Ltd of Jiangsu ran up to 1.83 million yuan, Dongfeng Peugeot Citroen Automobile Co Ltd suffered a loss of 622.84 million yuan, and Brilliance BMW Co Ltd lost 349.1 million yuan.

The accounts receivable of the 23 automakers were 16.5874 billion yuan in January-November, 2004. Automakers that had more than at least one billion yuan account receivable were Tianjin Xiali Automobile Co Ltd (2.80861 billion yuan), FAW-Volkswagen Co Ltd (6.63651 billion yuan), and Shanghai Volkswagen Co Ltd (2.55746 billion yuan).

The gross profits of the 23 automakers dropped by 18.13% or 9.6045 billion yuan in January-November, and the total net profits fell by 24.12% or 7.74525 billion yuan.

(Asia Pulse/XIC)

 

 
 

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