Great Wall Motor profits down 3.3% in H1

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Profits of Great Wall Motor, China’s largest SUV and pickup maker, fell 3.3 percent to under 4 billion yuan ($640 million) in H1, compared to the same period last year.

Business revenues during the period stood at 28.5 billion yuan, up 8 percent year on year, the company said in a business report filed with the Shanghai Stock Exchange.

Earnings per share stood at 1.3 yuan, down 3.3 percent.

Increased technological investment during the period was the main reason given for falling profits.

In the first half of the year, the company sold 346,310 vehicles, down 6.5 percent year on year. However, sales revenues rose 8.2 percent to 27.1 billion yuan due to increased SUV sales.

Via: ChinaDaily.

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