FAW H1 net profit jump 149.69％

Shanghai August 27 (Gasgoo.com) Volkswagen's Chinese partner FAW Group posted a net profit of 1.34 billion yuan ($197 million) in the first half, up 149.69% year on year, Xinhua news reported, according to a company filing. Earnings per share reached 0.82 yuan.

Operating revenue in the same period rose 53.96% from a year earlier to 17.91 billion yuan or 5.08 yuan per share.

The company reported a 70% year-on-year increase in auto sales in the same period thanks to strong demand in North China and East China where the company gained nearly 60% of its total sales revenue.

FAW will launch four own-brand Red Flag (Hongqi) models by 2012 and all the models will be using an H platform developed by its own engineers, according to early sources.