| 27-03-2008
MAJOR Chinese auto maker Chongqing Changan Automobile Co yesterday reported a 28-percent profit increase for 2007.
Revenue increased 12 percent to 13.7 billion yuan, said Changan Auto in its annual report filed to the Shenzhen Stock Exchange. Earnings per share rose from 0.27 yuan to 0.34 yuan.
The Chongqing-based auto maker attributed much of its growth to its Changan Ford Mazda Motor Co, which led Changan’s other five subsidiaries with a 1.9-billion-yuan profit in 2007.
In spite of a general growth, Changan underperformed market expectations, said analyst Li Chunbo of Citic Securities. "Although its profit growth figure is good, Changan was held back by losses at Changan Ford Mazda Engine Co and Nanjing Changan Automobile Co, both of which should see smaller losses - or even profit - for 2008," Li said. The two subsidiaries began operating last year.
Editor:Ida Zhang from Chinabuses.com
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