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FAW profits accelerate
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FAW Car Co Ltd said yesterday its profits for the first half have tripled compared to last year.

Net profit surged 206 percent to 506 million yuan (US$74 million) while operating income for the first six months reached 10.43 billion yuan, up 76.16 percent from last year, the company said in a statement to the Shenzhen Stock Exchange yesterday.

Earnings per share reached 0.3108 yuan, compared with 0.1016 yuan a year earlier.

The Changchun-based car maker attributed the surge in its profit to an expanding domestic auto market as well as increased sales efforts .

"The report showed a modest raise in operating income but its financial situation needs to be assessed with further statistics to be disclosed," according to Cao He, an auto market analyst with China Minzu Securities.

(Shanghai Daily July 23, 2008)

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