China Great Wall Motor H1 net profits down 3.3%

Models pose with Haval H7 SUV of Great Wall Motors during an automobile exhibition in Shanghai, April 22, 2013. [Photo/IC]

BEIJING - First-half net profits of China Great Wall Motor Co Ltd, China's largest SUV and pickup maker, fell 3.3 percent to under 4 billion yuan ($640 million).

Business revenues during the period stood at 28.5 billion yuan, up 8 percent year on year, the company said in a business report filed with the Shanghai Stock Exchange.

Earnings per share stood at 1.3 yuan, down 3.3 percent.

Increased technological investment during the period was the main reason given for falling profits.

In the first half of the year, the company sold 346,310 vehicles, down 6.5 percent year on year. However, sales revenues rose 8.2 percent to 27.1 billion yuan due to increased SUV sales.