Weichai Power Co Ltd, one of China's largest manufacturers of diesel engines, yesterday posted RMB 1.03 billion-net profit attributable to shareholders for the first quarter of this year, reflecting a year-on-year plunge of 44.3%.

Operating revenue for the quarter also declined by 26.6% from a year earlier to RMB 13.54 billion, dragged down by weak demand, especially the heavy-duty trucks.

In the three months ended Mar. 31, 2012, the company's earnings per share were RMB 0.62. Its net asset value per share was RMB 14.34 and return on net asset was 4.38%.

The Shenzhen and Hong Kong-listed firm had RMB 9.84 billion worth of inventory at the end of last month, down 5% year on year and down 8.3% quarter on quarter. The company's 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.

As of Mar. 31, 2012, Weichai Power had RMB 62.57 billion in total assets, whereas it had RMB 61.54 billion at the end of last year, reflecting an increase of 1.67%.