Yutong Bus posts 37% growth in 08' net profit

Shanghai, April 8 (Gasgoo.com) Zhengzhou Yutong Bus Co said in its annual report Tuesday that it earned net profit of 531 million yuan($77.7 mln) in 2008, representing an increase of 37.42 percent from a year earlier.

Sales revenue rose 3.5 percent from a year earlier to 8.33 billion yuan, the Shanghai-listed firm said, cited by China Daily. The bus maker produced 26,700 and sold 27,600 buses last year, up 2 percent and 8 percent from a year earlier respectively.

The company attributed the robust growth to its increased production capacity, optimized sales strategy, and strict cost control, but warned that revenue may shrink considerably this year due to the global financial crisis.

Yutong, which now holds more than one-fifth of China's bus market, said it expects to post a sales revenue of 7.58 billion yuan this year, 9 percent lower than last year.