BAIC Motor Corporation (1958) expects its first-quarter net profit to slump by 95 percent, due to the coronavirus pandemic. The automaker said production and operation of each base has gradually resumed to the normal level, which will mitigate the pressure of a profit drop. BAIC said it still remains a cautious yet positive in the medium to long-term. Financial and tax departments have strengthened fiscal and tax support for manufacturers, the company said. Shares of BAIC Motor fell 4.33 percent to HK$3.09 as of 1:51 pm.

Source: The Standard April 16, 2020 06:22 UTC