August 30 -- Beiqi Foton Motor (600166) filed its net profit fell 38.45 percent to 706 million yuan for EPS of 0.335 yuan in the first half despite revenue growth of 2.01 percent to 29.91 billion yuan, reports yicai.com. Percentage changes cited in this article are year-on-year.

Operating profits tumbled 40.04 percent to 787 million yuan in the first half because the gross margin of light and heavy duty trucks slipped 2.03 and 4.53 percent to 10.63 percent and 7.74 percent, respectively.

First-half sales decreased 3.5 percent due to the cancellation of automobile replacement policy, higher fuel costs, tightening liquidity, and weak demand. Foton Motor’s sold 357,975 trucks in the first half, accounting for just 49.7 percent of its full year 2011 target. Sales of light trucks topped its domestic peers continuously while medium and heavy duty trucks and light buses are ranked in the top fifth.

Source:capitalvue