Dongfeng Automobile 2018 net profits up nearly 176%

BEIJING - Dongfeng Automobile Co Ltd, the listed arm of Dongfeng Motor Corporation, reported a 175.95 percent rise in 2018 net profits despite the overall decline in China's automobile market.

Net profits attributable to shareholders reached 553.85 million yuan ($82.47 million) in 2018, according to the company's annual report filed to the Shanghai Stock Exchange.

The Shanghai-listed company's total assets rose 10.35 percent year-on-year to hit 19.63 billion yuan at the end of 2018.

Meanwhile, operating revenue dropped 21.2 percent year-on-year to 14.42 billion yuan.

The company sold 32,000 new energy automobiles last year, up 9.4 percent year-on-year.

Dongfeng Automobile shares opened 6 percent higher at 5.4 yuan Tuesday.

China sold 28.08 million autos last year, down 2.76 percent year-on-year, remaining the world's largest auto market, data from the China Association of Automobile Manufacturers (CAAM) showed.