70% of auto parts suppliers saw net profit decline in Q1

According to financial data from listed companies in auto parts sector, 70% of Chinese auto parts suppliers saw net profit decline in Q1, the overall net profit fell about 30 percent.

Affected by the slowdown of domestic automobile market, in the first quarter of 2012, total revenue of 66 listed auto parts suppliers fell 5.7 percent to 68.894 billion yuan. The net profits have fallen sharply to 3.983 billion yuan with average net profit margin of 5.8%, a decrease of 1.8 percent over 2010.