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China Daily Website

Dongfeng Motor Q3 profit rises 39%

Updated: 2013-11-04 13:40
( cnautonews.com)

Dongfeng Motor Group Co Ltd posted a 39 percent rise in third-quarter profit on the back of China's auto market recovery, according to Reuters.

Net profit rose to 2.45 billion yuan ($402.05 million) during the July-September period, Reuters made the calculations based on nine-month earnings data released by the automaker on Thursday.

State-owned Dongfeng, which operates joint ventures in China with PSA, Nissan Motor Co and Honda Motor Co, said consolidated net profit during the first nine months rose to 7.95 billion yuan from 7.1 billion yuan a year earlier, up around 12 percent.

The company now is in capital injection talks with struggling French carmaker PSA Peugeot Citroen.PSA is preparing a 3 billion euro ($4.1 billion) capital increase in which Chinese partner Dongfeng and the French government would take matching stakes in the carmaker, people with knowledge of the matter told Reuters earlier this month.