China Knowledge reported that Chongqing Changan Automobile Co Ltd a leading domestic automaker expected its net profit to fall between 50.67%YoY and 55.60%YoY in 2011 due to the slowing Chinese auto market.

The company said in a statement that its net profit last year was estimated at between CNY 900 million and CNY 1 billion. Basic earnings per share were expected to be between CNY 0.19 and CNY 0.21.

In 2010, the company net profit was CNY 2.03 billion and basic earnings per share were CNY 0.42.

The Shenzhen-based automaker sold 612,300 mini-cars in 2011 reflecting a decline of 28.25%YoY. This year, the company aims to sell 850,000 vehicles.

(Sourced from China Knowledge)