HONG KONG -- Chinese light-truckmaker Qingling Motors Co. Ltd. posted a 4.4 percent drop in first-half net profit on higher steel prices and slower truck sales as China moved to cool overheating sectors, such as autos.
Qingling, which mainly makes commercial trucks under Japan's Isuzu Motors brand, on Wednesday reported net profit of $7.89 million for the six months to the end of June, against $8.25 million a year earlier.
Turnover dropped 4.5 percent to $198.02 million.
Qingling gave no other details in its earnings table, but an announcement was expected later Wednesday or early Thursday.
Sales of Qingling's light trucks and pickups dropped 8 percent to 14,000 in the first half, compared with a 25 percent rise in total sales of light trucks nationwide, BOC International said in a research report.
Qingling also makes multipurpose vehicles, heavy-duty trucks and other vehicles.