Chana Automobile expects 2009 net profits to jump more than 42 fold

• Source: Xinhua
• [15:27 January 28 2010]
• Comments

Chana Automobile, a leading Chinese automaker which is also known as Chang'an, said on Thursday that it expected the company's net profits in 2009 to jump by 42 to 46 fold from the previous year.

In a statement filed to the Shenzhen Stock Exchange, Chana Automobile said its net profits in 2009 would be 1.05 billion to 1.15 billion yuan ($154 to $168 million). Its earnings per share would rise to somewhere between 0.45 and 0.49 yuan, a lot higher than 0.01 yuan in 2008.

The company, based in Chongqing in southwest China, attributed soaring profits to Chinese government's supportive policies in the auto industry and its own successes in cost control and branding strategy. Chana sold 1.37 million units of vehicles in 2009, up 64.1 percent from a year earlier.

Chana Automobile opened at 11.89 yuan per share Thursday, the same as the previous closing. It then rose to 12.29 yuan in the morning session.