China Knowledge reported that Weichai Power Co Ltd one of China largest manufacturers of diesel engines posted CNY 1.03 billion net profit attributable to shareholders for the first quarter of this year reflecting a YoY plunge of 44.3% YoY.

Operating revenue for the quarter also declined by 26.6%YoY to CNY 13.54 billion dragged down by weak demand especially the heavy duty trucks. In the three months ended March 31 2012, the company earnings per share were CNY 0.62. Its net asset value per share was CNY 14.34 and return on net asset was 4.38%.

The Shenzhen and Hong Kong-listed firm had CNY 9.84 billion worth of inventory at the end of last month down by 5%YoY and down 8.3%QoQ. The company sales profit margin stood at 19.4% in the first quarter of this year, 3 percentage points lower than in the fourth quarter of 2011.