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Dongfeng Electronic Technology Co reports 186.98% net increase
Shanghai. March 24 (Gasgoo.com) – The Shanghai-listed Dongfeng Electronics Technology Co said its main business revenue rose 16.82 percent to RMB 1.074 billion ($152.23 million) and its net profit rose 186.98 percent to ($65.15 million), according to the company’s annual report released on weekend.
The company said that it will continue to concentrate on the automotive parts business and expects target revenue of RMB 1.077 billion and sales cost of RMB 924.90 million in 2008.
The company believes that China’s automotive industry will maintain a double digits growth in 2008 and that China’s complete vehicle sales will grow 16 percent, passenger vehicle 18 percent, commercial vehicle 10% in this year.
Market competition in China’s auto parts industry will intensify in 2008, as China is seeking to implement more aggressive environmental policies and more foreign parts makers are joining the competition.
Dongfeng Electronics Technology Co concentrates on the research, development, purchase, manufacturing and sales of automotive products like instrumental panel, interiors styling, and braking system, ABS, and vehicle electronics systems.
Dongfeng Motor Corporation, the biggest stakeholder of Dongfeng Electronic Technology Co, holds a 75 percent stake of the latter.
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