Chongqing Changan Automobile Co. (000625.SZ) said Monday its net profit for 2009 surged more than 40 times from a year earlier due to robust demand growth resulting from Beijing's preferential policies for the auto industry.
China's fourth-largest auto maker by sales volume said net profit for the 12 months ended Dec. 31 was CNY1.08billion, up from CNY24.38 million a year earlier.
Revenue for the year rose 88% to CNY25.20 billion from CNY13.40 billion.
In a statement, the company said it targets a revenue of CNY39.00 billion this year.
Chongqing Changan operates vehicle-making joint ventures in China with Ford Motor Co., Mazda Motor Corp.
