FAW Car Jan-Sept net profit up 62.39%
Oct. 28, 2008 (China Knowledge) - FAW Car Co Ltd, a unit of China's auto giant First Automotive Works (FAW), announced that its net profit surged 62.39% to RMB 850 million in the first three quarters of this year, sources reported.
According to the company's statement filed to the Shenzhen Stock Exchange on Monday, the operating revenue in the first nine months surged 63.31% to RMB 15.79 billion. Earnings per share were RMB 0.5224.
In the third quarter alone, the operating revenue amounted to RMB 5.36 billion. Net profit reached RMB 344.44 million, down 3.87% compared with the same period of last year. Earning per share is RMB 0.2116.
The company ascribed the robust growth to the strong sales volume of whole cars, which rose more than 60% compared with that of a year ago.
The company also said in the statement that it will invest RMB 2.36 billion to boost its homegrown car production capacity to 200,000 units in 2012.
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