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China's auto industry reports 65% profit increase for 2007
Shanghai. March 5 (Gasgoo.com) - China's automobile industry saw a 65% profit rise in 2007, despite a sales growth rise of 22% compared with 25.3% in 2006, according to a report prepared by China Association of Automobile Manufacturers.
Total profit made by China's auto industry's exceeded 100 billion yuan (US$ 14.1 billion) last year, a new record over the past five years. Sixteen leading Chinese automakers reported a total profit of 61 billion yuan (US$ 8.6 billion), an increase of 65.14% over 2006.
Among the 16 major automakers, Hafei Automobile Group and Changhe Automobile Co are the only two automakers that witnessed declines in core business revenue: both companies lost around 20% in core business revenues from last year.
Core business revenues of Sinotruck increased by 66.45% from the previous year; Brilliance, Guangzhou Auto and Soueast Motors experienced revenue growth of more than 45%; Chery, JAC, Qingling (Group) Co, Changan, Geely, FAW, SAIC and Dongfeng Motor all reported core business revenue growth of more than 20%.
In addition, Beijing Automobile Industry Corp, FAW and Qingling reported record profit growth of 166.66%, 126.68% and 108.43% respectively. Changan and Geely saw a slight increase in profits; Brilliance China and Nanjing Auto made a turnover last year while Hafei Automobile's profit declined 75%.
Total profit made by China's auto industry's exceeded 100 billion yuan (US$ 14.1 billion) last year, a new record over the past five years. Sixteen leading Chinese automakers reported a total profit of 61 billion yuan (US$ 8.6 billion), an increase of 65.14% over 2006.
Among the 16 major automakers, Hafei Automobile Group and Changhe Automobile Co are the only two automakers that witnessed declines in core business revenue: both companies lost around 20% in core business revenues from last year.
Core business revenues of Sinotruck increased by 66.45% from the previous year; Brilliance, Guangzhou Auto and Soueast Motors experienced revenue growth of more than 45%; Chery, JAC, Qingling (Group) Co, Changan, Geely, FAW, SAIC and Dongfeng Motor all reported core business revenue growth of more than 20%.
In addition, Beijing Automobile Industry Corp, FAW and Qingling reported record profit growth of 166.66%, 126.68% and 108.43% respectively. Changan and Geely saw a slight increase in profits; Brilliance China and Nanjing Auto made a turnover last year while Hafei Automobile's profit declined 75%.
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