Foton Motor forecasts 125% growth in Q1-Q3 earnings

Beiqi Foton Motor (600166) forecasts a 125 percent year-on-year growth in net profit attributable to shareholders in the first three quarters, reports caijing.com.cn, citing a company filing.

In the first three quarters last year, the Beijing-based automaker’s net profit attributable to shareholders was 700 million yuan.

Foton's commercial vehicle sales are estimated to grow 17 percent year-on-year in the first nine months due to rising demand. In the first three quarters this year, the carmaker sold 521,000 vehicles in total, up 16.7 percent year-on-year. Heavy truck sales grew 37.3 percent year-on-year to 81,000 vehicles during that period.

The company was certified as a high-tech enterprise in October 2009 and paid only 15 percent income taxes.