Strong Results for Third Quarter, but Status of Tax Cut Expiry Brings Uncertainty
Dongfeng Motor Group, or DFM, released third-quarter results based on PRC GAAP due to disclosure regulations of the interbank market. During the quarter, the company achieved earnings of CNY 3.2 billion, up 30% year on year. The increase was attributed to higher investment income from unconsolidated subsidiaries, including joint ventures with Nissan, Honda, and PSA. For the year through September, contributions from joint ventures are up 22% year on year, versus 19% year on year at the interim. ...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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