August 30 -- GAC Changfeng Motor (600991) posted losses of 21.47 million yuan for the first half with deficit EPS of 0.04 yuan, reports China Business News, citing a company filing.

Changfeng says its sales declined in the first half while costs rose due to the appreciation of the Japanese yen appreciation. The sales slump was also blamed on the slowdown of the automobile sector and the Chinese government’s restrictions on official vehicle purchases. Management fees and assets impairment grew 18.04 million yuan and 26.74 million yuan year-on-year.

The company’s parent group announced in June that its absorption of Changfeng was approved by the State-owned Assets Supervision and Administration Commission and is pending approval of the China Securities Regulatory Commission.