SMM news: in the first quarter of this year, Dongfeng Motor's total revenue fell 33.7% to 2.07 billion yuan compared with the same period last year. The net profit loss was 27.647 million, compared with 120 million yuan in the same period last year, down 148 million yuan from the same period last year. In addition, Dongfeng Motor received a deferred income of 4.31 million yuan from government subsidies and amortization in the first quarter.
In terms of sales, the company sold 13697 vehicles in March, compared with 19563 in the same period a year earlier, and 26854 from January to March, down 29.83 per cent from a year earlier.
Dongfeng Group said that at the beginning of the new epidemic outbreak in 2020, Dongfeng Group as the headquarters in Hubei Province enterprises, the operation of a number of production units have been greatly affected. In addition, Dongfeng Motor said, "although car sales have increased, operating income has been reduced due to the decline of new energy."
Dongfeng shares posted a net profit loss of 27.6466 million yuan for shareholders of listed companies in the first quarter, compared with a profit of 116 million yuan, or 124 per cent, in the same period last year. The net cash flow loss caused by Dongfeng's share operating activities further expanded, with a loss of 994 million yuan in the first quarter.
Although the overall sales of Dongfeng Motor Group fell sharply in the first quarter, some of its subsidiaries have revealed that they will implement catch-up strategies in the later stage to achieve the established business objectives.
At the beginning of the year, Dongfeng Motor Group set an operating target for 2020 to "ensure two 40 billion (total profit of more than 40 billion, operating cash flow of no less than 40 billion), sales of 3.75 million cars."
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