slumped 72 percent in 1994, the company reported yesterday.

Brilliance China Automotive Holdings Ltd. (BCA), whose shares are traded on the New York Stock Exchange, reported profits were off 72 percent in 1994.

Net income after taxes declined to $3.5 million for the year ended December 31, 1994 compared to $12.4 million a year earlier.

"1994 was a difficult year for our company. The tight credit policies of the Chinese government continued throughout the year and continued to reduce overall demand in China for automobiles, including minibuses,''said Mr. Xiaoan Wu, executive vice president and Chief Financial Officer.

"Looking forward through the first half of 1995, the company expects the tight credit policies to remain in effect with continued pressure on the Chinese automotive industry,'' he added.

Consolidated net sales for BCA and its subsidiary, Shenyang JinBei Passenger Vehicle Manufacturing Company Ltd. (Shenyang Automotive), were $148.3 million in 1994, a drop of about five percent from the $155.4 million for the previous year.

The decline in sales was primarily related to the Chinese government's continuing tight credit policies intended to combat inflation, according to Bloomberg business news.

Per year unit sales of the standard minibus declined 37.4 percent from 10,416 to 6,524. This decline was offset by a 20.5 percent increase in unit sales of the company's deluxe minibus which rose from 3,542 to 4,269 units.

BCA, incorporated in Bermuda, was established in 1992 to own 51 percent of Shenyang Automotive, a Sino-foreign equity joint venture enterprise established in 1991.

Shenyang Automotive, located in Shenyang, the capital of Liaoning Province and the commercial centre of northwest China, is a leading manufacturer and distributor in the minibus market in the People's Republic of China. The company was the first with operations fully in China to list directly on the New York Stock Exchange.