Changan expects net profit to have increased over 44% in 2012

Gasgoo.com (Shanghai January 30) - Changan Automobile has released its fiscal performance review for last year, dfdaily.com reported today. The Chongqing-based manufacturer expects its net profit for the year to be between 1.4 billion yuan and 1.6 billion yuan ($222.54m-$254.34m). That range of numbers is between 44.64 percent and 65.3 percent more than the 968 million yuan ($153.87m) the manufacturer reported earning in 2011.

Changan attributes the rise in net profits to increased sales of its own brand models combined with strong performance results from its joint venture partnerships. The manufacturer also received 390 million yuan ($61.99m) from the government in the form of grants, which was added to its net profit.

The last quarter of the year was especially good for Changan. The manufacturer's net profit for the quarter is predicted to be between 255 million yuan and 455 million yuan ($40.53m-$72.33m) after deducting the 390 million yuan government grant.

Changan's stock was valued at 8.27 yuan ($1.3145) last year, falling 0.48 percent.