Changan Auto sees January-September net profit up 96%-108%

Chongqing Changan Automobile Co. (000625.SZ) said Friday it expects its net profit for the January-September period to rise 96%-108% from a year earlier to between CNY1.65 billion ($248 million) and CNY1.75 billion because of record car sales during the period.

The company said its net profit for the January-September period of 2009 was CNY841.46 million.

Chongqing Changan said it sold 1.34 million cars in the January-September period, up 33% from a year earlier.

It said it expects its earnings per share for the January-September period to rise to CNY0.71-CNY0.75 a share, from CNY0.36 a share a year earlier.

Chongqing Changan operates vehicle-making joint ventures in China with Ford Motor Co. (F), Mazda Motor Corp. (7261.TO) and Suzuki Motor Corp. (7269.TO).