Qingling '02 net drops 44 pct, Q1 unit sales rise

Newswire

HONG KONG, April 22 (Reuters) - Chinese truck assembler Qingling Motors Co Ltd on Tuesday posted a worse-than-expected 44 percent drop in 2002 net profit amid intense competition, but added that unit sales rose strongly in the first quarter. Qingling, the mainland partner of Japan's Isuzu Motors , said it sold 7,412 trucks in the first quarter, up 18 percent from the same period last year. Its shares ended down 8.65 percent to HK$0.95 after it reported a net profit of 146.8 million yuan ...

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