FAW Car Jan-Sep net profit up 83% at CNY1.64 bln
FAW Car Co. (000800.SZ) said Wednesday its net profit for the January-to-September period rose 83% on year because of strong sales and the government's supportive policies for the automobile industry.
The carmaker said in a statement its net profit for the three months ended Sept. 30 was 1.64 billion yuan (US$245 million), up from CNY899 million a year earlier.
Revenue rose 40% to CNY26.83 billion from CNY19.12 billion.
The company said its output exceeded 190,000 vehicles from January to September, up more than 50% from a year earlier.
FAW Car is a unit of unlisted China FAW Group Corp., China's No. 2 auto maker by sales after SAIC Motor Corp. Apart from its own Hongqi brand sedans, FAW Car also makes Mazda 6 models under a license from Japan's Mazda Motor Corp.
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