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China's Changan posts soaring net profit in 2009

(Xinhua)
Updated: 2010-03-10 16:29
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Chongqing Changan Automobile Co, Ltd (Changan), one of China's biggest carmakers, Tuesday reported its net profit surged by 4,323.36 percent last year.

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In its annual business report filed to the Shenzhen Stock Exchange, the Chongqing-based company said its net profit for 2009 hit 1.08 billion yuan ($158 million). The earnings per share stood at 0.46 yuan, up 4,500 percent year-on-year.

The increase in sales was driven by the country's car boom, according to the report. Changan is a China partner of Ford Motor Co and Mazda Motor Corp of Japan.

Shares of Changan opened up at 12.93 yuan Tuesday compared with 12.64 yuan at the previous closing on the profit figures.