FAW's H1 net profit surges 150%

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FAW Ltd. Co. (000800.SZ) earned 1.3 billion yuan in net profits from soaring car sales in the first half of the year, according to its semi-annual report released Wednesday. The amount is a 150-percent increase over last year's figure.

The report also showed that its earnings per share grew 150 percent, to 0.8212 yuan (US$0.12). Its operational revenue of the company is 18 billion yuan (US$2.63 billion), an increase of 54 percent. Revenues from automobile manufacturing totaled almost 17 billion yuan (US$2.48 billion), a 51-percent increase.

Revenue from integrated automobile manufacturing is 16 billion yuan (US$2.36 billion), an increase of 54 percent, while revenue from spare parts is 798 million yuan (US$117.3 million), an 18-percent increase.

The company has sold more than 120,000 cars in the first six months of the year, 70 percent more than the same period last year. FAW closed at 16.18 yuan (US$2.37) today, falling 2 percent.

China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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