(Yicai Global) Aug. 24 -- Net profit atFuyao Glass Industry Group, the Chinese auto glass giant whose Ohio plant featured in the Oscar-winning documentary American Factory, fell 36 percent in the first half as demand stalled in the US and Germany due to the coronavirus pandemic.

Net profit was CNY964 million (USD139.3 million) in the six months ended June 30, the Fuqing, Fuzhou province-based company said in an earnings report released on Aug. 22. Revenue slid 21 percent to CNY8.1 billion (USD1.2 billion) from a year earlier.

Auto production and sales dropped markedly in the period, while demand from the company’s downstream clients also fell, Fuyao Glass said. Its Fysam Auto Decorative unit in Germany, which makes aluminum car body parts, lost EUR26.2 million (USD30.9 million), while its US business shed USD17.4 million.

Neither domestic nor overseas economies give grounds for optimism in the second half, though performance will be better than the first six months of the year, according to Fuyao Glass. That is in line with expectations that the second half will usher in a recovery, Essence Securities said.

Shares of Fuyao Glass [SHA:600660] ended little changed today at CNY28.42 (USD4.11) each.

Editor: Ben Armour