Faw sees losses in H1

Updated: 2012-09-04 15:40

(China Daily)

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FAW Car Co Ltd, the listed arm of FAW Group, reported a loss of 61 million yuan ($9.61 million) in the first half compared with a net profit of 80 million yuan in the same period last year.

The company said that the loss was due to sluggish sales and price cuts amid a slowing economy and more competitive market. Its first half sales fell 35.5 percent year-on-year to about 90,000 units.

The company makes cars under its own marque Besturn as well as the Japanese brand Mazda.