Results a Beat on Higher Associates Income From PSA
For interim 2016, Dongfeng Motor Group, or DFM, reported profit attributable to shareholders of CNY 6.8 billion, down 2% year on year. Excluding the impact of currency gains and losses, earnings were up 7% year on year, slightly above our estimate, but mainly boosted by higher associates contribution from PSA Peugeot Citroen. Earnings were robust for joint-venture brands with Japanese manufacturers, but were insufficient to offset declines in JV brands with PSA and in proprietary brands. We have...Dongfeng Motor Group and its subsidiaries are engaged in the manufacture and sale of commercial vehicles, passenger vehicles, automotive engines and parts; and the production of vehicle manufacturing equipment. Co. is also engaged in the import and export of vehicles and equipment and other automotive-related businesses such as finance, insurance agency and used car trading. Co.'s principal products include commercial vehicles (trucks, buses and engines, auto parts and vehicle manufacturing equipment of commercial vehicles) and passenger vehicles (sedans, multi purpose vehicles, sport utility vehicles and engines, auto parts and vehicle manufacturing equipment of passenger vehicles).
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