Great Wall Motor posts profit decline in 2019

SHIJIAZHUANG -- Chinese carmaker Great Wall Motor said its net profit fell 13.6 percent year on year in 2019 as the world's largest auto market slowed.

The leading sport utility vehicle (SUV) and pickup maker said in its annual report that it made a net profit of 4.5 billion yuan (about $635 million) last year when its total operating revenue dropped 3 percent year on year to 96.2 billion yuan.

The carmaker sold 1.06 million vehicles, an annual increase of 1.4 percent, in 2019 when auto sales in the whole country fell 8.2 percent to 25.77 million units.

In the first quarter of 2020, Great Wall Motor reported a net loss of 650 million yuan, compared to a net profit of 773 million yuan a year ago, according to a separate quarterly report.

Meanwhile, its first-quarter total operating revenue fell 45.1 percent year on year to 12.4 billion yuan, mainly as vehicle sales declined amid the COVID-19 epidemic.