FAW Car Q3 net profit up 5.7% to 364 mln yuan

Shanghai, October 30 (Gasgoo.com) China's FAW Car Co. said today its third-quarter net profit rose 5.7% from a year earlier because of strong sales growth, Dow Jones reported.

FAW Car said its net profit for the three months ended Sept. 30 was 364.09 million yuan ($53.31 million), up from 344.44 million yuan a year earlier. Revenue increased 39.8% to 7.49 billion yuan from 5.36 billion yuan, the automaker said.

FAW Car is a unit of unlisted China FAW Group Corp., China's second-largest auto maker by sales after SAIC Motor Corp. Apart from its own-brand Hongqi and Besturn sedans, FAW Car produces Mazda 6 models under a technical license from Japan's Mazda Motor Corp.

The new Hongqi (Red Flag) HQE limo which Chinese President Hu Jintao rode in to inspect a military parade across Chang'an Avenue in Beijing, on China's October 1 National Day this year, will now go into mass production, media said this week.