Dongfeng Motor H1 profits down 67.52%

BEIJING -- Chinese automaker Dongfeng Motor said Tuesday that its net profits slumped 67.52 percent year-on-year to 95.67 million yuan ($15.2 million) in the first half of the year.

Business revenues totaled 9.96 billion yuan during the period, a decline of 10.39 percent year-on-year due to sluggish sales, according to the company's business report filed with the Shanghai Stock Exchange.

The company sold 149,000 units during the January-June period, down 10.8 percent year-on-year, the report said.

Earnings per share came in at 0.0478 yuan, according to the report.

Dongfeng forecast a drastic drop in its net profits this year, as weak demand for medium and heavy trucks will affect its subsidiary Dongfeng Cummins Engine Co, a major contributor to the company's profits.

Meanwhile, sluggish sales of light trucks will also contribute to lower profits for the year, the report said.