Tianjin FAW Xiali '09 net profit increases 75.66%

Shanghai, April 19 (Gasgoo.com) Tianjin FAW Xiali Automobile Co., Ltd. (000927), a subsidiary of China's auto giant FAW Group, has announced that its net profit for 2009 increased 75.66% from a year earlier to 176 million yuan ($25.77 mln), media reported.

The Tianjin-based automaker scored 8.57 billion yuan in operating revenue, up 17.69% year on year, with earnings per share were up 75.76% to 0.11 yuan. The company declared the final dividend of 0.7 yuan per ten shares, according to a filing with the Shenzhen Stock Exchange.

In 2009, Tianjin FAW Xiali sold 212,222 vehicles, up 20.15% while its production increased 24.45% to 214,517 units. Its vehicle products include the sedan series of Vizi, Vita, Vela and Xiali models, targeting at the second- and third-tier markets.

The company bought 100% stakes of its neighboring FAW Huali in April 2008 and aims to build up China's No. 1 manufacturing base of own-brand economical sedans. Construction of its new sedan-making plant will be completed by the end of this year.  

The carmaker also operates a joint venture with Toyota Motor -- Tianjin FAW Toyota Motor Co., Ltd., which makes and imports Toyota vehicles for the Chinese market.