FAW predicts Q1-Q3 net profit to rise 100%
FAW Car (000800) estimated its net profit rose 67-100 percent year-on-year to 1.5-1.799 billion yuan in the first nine months, with earnings per share (EPS) of 0.92-1.11 yuan, reports caijing.com.cn, citing a company filing.
The company believes the central government’s policies supporting the auto market spurred the net profit growth.
Despite the net profit growth in the first three quarters, FAW Car estimates a decline in net profit in the third quarter of 2010 to 300-310 million yuan, down from last year’s 360 million yuan, with EPS of 0.18-0.19 yuan, a drop from 0.2237 yuan last year.
According to the FAW Car filing published on July 14 this year, parent company FAW Group Corporation, which owns FAW Xiali (000927), FAWAY Auto Parts (600742) and Qiming Technology (002232), plans to conduct an overall listing by creating a new holding company.
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