Changan Auto's Q3 net profit up 14.1%

Shanghai November 1 (Gasgoo.com) Changan Auto said its net profit for the third quarter of 2010 rose 14.1% year on year to 350 million yuan ($52 million) or 0.15 yuan per share, ifeng.com reported Monday.

The company reported sales revenue of 6.23 billion yuan in the same period, up 1.8% from a year earlier, mainly attributable to the substantial income growth generated by its joint ventures and deduction of deduction of impairment losses. 

In the first three quaraters of this year, the company posted sales of 1.34 million vehicles, up 33.24% from the year-ago period. Of which minivan and minibus sales jumped 22.18% from a year earlier to 625,800 units; own-brand sedan sales soared 82.29% on the year to 132,000 units.

Meanwhile, operating income gained 28.91% compared to the same period last year to 22.86 billion yuan due to expansion in vehicle production and sales.

Chang'an Ford Automobile Co., Ltd., a joint venture between Ford Motor Company and Chongqing Changan Automobile Co., Ltd., will likely put its new plant into operation in 2011. Changan's own brand sedans are expected to have a better performance in the fourth quarter thanks to rising demand in the countryside and China's second- and third-tier cities.

Earings per share in 2010 and 2011 are estimated to be 0.94 yuan and 1.01 yuan respectively.