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26-02-2008 China
Fuyao Group Glass Industries Co, China's biggest windshield maker, boosted 2007
profit 49 percent on increased demand in the world's second-largest car market.
The company plans to raise 3.1 billion yuan (US$434 million) to boost production. Net
income rose to 917 million yuan, or 0.92 yuan a share, from an adjusted 614 million
yuan, or 0.61 yuan, a year earlier, the company, based in the southeast Fujian
Province, said in a Shanghai Stock Exchange statement yesterday. Sales rose 33
percent to 5.2 billion yuan. Fuyao
Glass, which has a market share of about 50 percent, sold more windshields to
Volkswagen AG, Toyota Motor Corp and other car makers as economic growth boosted
car sales. China's vehicle sales surged 22 percent last year to 8.79 million,
trailing only the US. Fuyao Glass said yesterday it plans to raise 3.1 billion
yuan by selling as many as 200 million shares to the public. The company's shares,
which more than doubled in 2007, fell to 36.97 yuan in Shanghai on February 22.
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