BRIEF: BMW partner Brilliance Auto’s profit tumbles 60%
Automaker Brilliance China Automotive Holdings Ltd. (1114.HK) said on Sunday its profit last year fell 60%, mainly due to weak performance of its joint venture with German auto giant BMW (BMW.DE). Brilliance China also blamed the withholding tax on a dividend of approximately 1.47 billion yuan ($203 million) paid by its subsidiaries during the year.
Outside its BMW joint venture, Brilliance China also established another joint venture with TCL at the end of last year to develop and manufacturing smart cockpits and display components. The two parties each invested 700 million yuan, for a total of 1.4 billion yuan.
Shares of Brilliance Auto fell 4.3% last Friday. They opened down another 2.2% on Monday but later changed course and were up 2.2% in afternoon trade.
By Lau Chi Hang
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