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Wangxiang QianChao reports 68% profit increase
Shanghai. March 3 (Gasgoo.com) –China's leading auto components manufacturer WanXiang QianChao Co., affiliated to Wanxiang Group, reports a 68 percent increase annual net profit to RMB 385.181 million ($54.097 million) today.
In its 2007 annual report, WXQC said its 2007 revenue rose 18.17 percent to RMB 4.23 billion yuan ($591 million). The company is planning to offer a 0.12 yuan per share dividend to investors.
WXQC's main business operation--the automotive components manufacturing business, yielded RMB 5.38 billion ($751 million) in revenue with a 14.36 percent operational profit margin from 13.34 percent in 2006.
Thanks to the increasing demand in the Chinese market, WXQC gained 51.86 percent in sales revenue from the auto parts products. The company supplies various auto parts products, including power train, chassis, bearing components.
WXQC shares ended at RMB 12.80 per share, climbed 1.59 percent on Tuesday after the release of financial report.
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