Weichai Power Co., Ltd. (Shenzhen Stock Exchange code: 002338, hereinafter referred to as Weichai Power) announced the third quarterly report of 2008. The quarterly report shows that the company’s operating income for the third quarter was 7.453 billion yuan, an increase of 16.86% year-on-year; net profit attributable to the parent company was 356 million yuan, a year-on-year decrease of 23.55%.
In the previous quarterly and semi-annual reports released, Weichai Power showed high net profit growth. Weichai Power reported a net profit growth of 180.32% in the first quarter of this year. In the first half of this year, under the pressure of rising raw materials, the company still achieved net income growth of nearly 1 times, an increase significantly higher than revenue growth.
Affected by the sluggishness of the auto industry, most auto companies that have released their results have experienced a decline in net profit. Weichai Power is the second largest auto parts manufacturer in the country, with three main business lines: powertrain (engine, transmission, axle), commercial vehicle, and auto parts. In the heavy truck power market has more than 30% market share.
Weichai Power reported revenue of over 29.2 billion yuan in 2007, net profit of over 2 billion yuan, and net profit growth of 172%.
View related topics: Weichai Power: Expanding Auto Parts Gold Industry Chain
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