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Brilliance Auto expects heavy loss in 2009

(chinadaily.com.cn)
Updated: 2010-03-23 19:00
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Hong Kong-listed Brilliance China Automotive Holdings Ltd has warned of "a substantial loss" for the Brilliance Auto Group, BMW's Chinese partner, in 2009, compared with a net profit of 80.93 million yuan ($11.86 million) in 2008.

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Brilliance China blamed the heavy loss to the group's underperforming Zhonghua sedan brand, whose sales "did not reach break-even level as a result of a change in product mix", according to a statement filed to the Hong Kong stock exchange by the company on March 19.

Shenyang Brilliance Jinbei Automobile Co, in which Brilliance China holds a 51 percent stake, sold its Zhonghua sedan business to its majority shareholder Brilliance Auto for 494 million yuan.

Brilliance China is set to release its annual report in April.
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