China FAW Car says H1 net profit up 200-250%
FAW Car Co, a unit of one of China's three largest auto makers, First Automotive Works, estimated on Wednesday that net profit jumped between 200 and 250 percent in the first half of this year.
The company, which makes Mazda Motor's Mazda6 mid-sized sedans, cited rising sales and cost-cutting.
In the first half of last year, FAW Car made a profit of 160.84 million yuan ($23.5 million). In the first quarter of this year, profit climbed 261 percent.
Listed Chinese companies are required to make preliminary estimates of their earnings if they expect to report swings of at least 50 percent. FAW Car is due to report first-half earnings next month.
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