Chongqing Changan Auto H1 auto sales up 47.6%

Chongqing Changan Automobile (000625), its subsidiaries and joint ventures, sold 956,400 vehicles in the first half of the year, an increase of 47.60 percent year-on-year, reports 163.com, according to a company filing.

The company posted a 161.3 percent year-on-year surge in first half net profit to 1.366 billion yuan.

During the same period, the net profit of Dongfeng Motor Group (0489.HK) and SAIC Motor Corporation (600104) soared 255 percent and 306 percent year-on-year, respectively, to 6.53 billion yuan and 5.87 billion yuan.

The operating revenue of Chongqing Changan Automobile in the first half of 2010 jumped 44.58 percent year-on-year to 16.62 billion yuan.

The company had total assets of 27.263 billion yuan as of end June, up 8.01 percent from the beginning of the year.

The company’s asset-liability ratio hit 63.20 percent as of end June.

According to the company filing, the company obtained the approval of shareholders for its plan to issue new shares in order to raise a maximum of four billion yuan.

The funds raised will be invested in three projects, including a project to expand the production capacity of its product lines. The share issue plan has been submitted to the China Securities Regulatory Commission for review.

Shares of Chongqing Changan Automobile rose 0.86 percent to trade at 10.55 yuan at 10:20 am today.