January 25, 2013 / 10:37 AM / 5 years ago

Guangzhou Auto says 2012 profit to fall 70-80 pct

HONG KONG, Jan 25 (Reuters) - Guangzhou Automobile Group, one of China’s big state-owned auto enterprises, said it expects 2012 net profit to decline by 70 to 80 percent from a year earlier, according to a filing after markets closed on Friday.

Guangzhou Automobile, which makes cars with Japan’s Honda , attributed a large part of the loss to reduced sales after a dispute between Japan and China over the Diaoyu Islands, increasing competition and restrictions on automobile purchases in some central Chinese cities.

For full statement, here

Reporting by Clement Tan; Editing by Anne Marie Roantree

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