Great Wall Auto profits fall 15.1%

Great Wall Automobile Holding, China's biggest maker of pick-up trucks, said half year net profits fell by 15.1% to US$25.05m from US$29.52m in the first half of last year, due to price wars and rising steel prices, the Standard of Hong Kong reported. The automaker sold more vehicles, but profit margins were down to 27.3% from 29.4% during the same period last year.