China's FAW Car 2007 net profit doubles on higher sales
BEIJING (XFN-ASIA) - China's FAW Car Co Ltd (SZA 000800), a subsidiary of the country's largest automaker First Automotive Works (FAW) Group Corp, said its net profit doubled to 552.87 mln yuan in 2007 from 276.53 mln yuan in the previous year on the back of higher sales.
The company said it sold more than 80,000 cars in 2007, up 40 pct from a year earlier, with total revenue up 21.72 pct at 13.62 bln yuan.
Earnings per share stood at 0.34 yuan last year, up from 0.21 in 2006.
It added that it will increase its investment in FAW Finance Co Ltd by 231.39 mln yuan to boost the finance company's total registered capital. FAW Car owns 20.7 pct in the finance company.
FAW Car's board also approved a proposal to invest 575 mln yuan to upgrade a current assembly facility.
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