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China's GAC Group logs sharply lower net profit for first quarter

GUANGZHOU, China -- Chinese carmaker Guangzhou Automobile Group, or GAC Group, generated just 529 million yuan ($85.2 million) in net profit for the January-March quarter, down 37.6% on the year.

     Sales rose 13.6% to 5.39 billion yuan, with volume increasing 4.6% to 244,554 units. But profit eroded on price competition as well as higher overhead and other costs.

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