Anhui-based Jianghuai Automobile (JAC Motors) released its unconfirmed annual performance report for 2011 this week, Caijing reported today. According to the report, JAC Motors' total business returns for the year totaled 30.47 billion yuan ($4.82b), 2.59 percent higher than 2010. The manufacturer's net profits, meanwhile, totaled 618 million yuan ($97.69m), falling 46.88 percent from the previous year. JAC gained 0.48 for every one of its share, a number also over 46 percent lower than the 2010 figure.

JAC refused to explain the drop in profits in the report. However, the manufacturer's monthly sales reports reveal that, while its automobile sales slightly increased in the beginning of the year, in December it experienced a year-on-year fall of over 14 percent. Both JAC's key minivan and pickup truck models experienced varying falls in their sales.

According to a research report released by Ping An Securities, JAC's inability to expand on its minivan offerings held down the manufacturer as a while. With the market for minivans for China beginning to grow more competitive, rival manufacturers have been eroding JAC's share. Minivans are among JAC's most successful products, with their sales accounting for over a third of the manufacturer's gross profit.

Although its business returns in the third quarter of 2011 totaled 6.87 billion yuan ($1.07b), its net profit for the same time period was only 45.45 million yuan ($7.11m), equivalent to a year-on-year fall of 87 percent. At the time JAC attributed the fall in profits to increasing cost of materials.

JAC will release an official, confirmed version of its 2011 sales report on March 28.