April 3, 2008 -- FAW Car Co Ltd achieved 74.78 per cent increase of profits in 2007, according to its annual performance report published on Wednesday. According to the report, the company realized operation turnover of CNY13.617 billion in 2007, an increase of 21.72 per cent over the previous year; and profits of CNY700.523 million, up 74.78 per cent year on year. The net profits for shareholders of the listed company were CNY552.867 million, up 99.9 per cent year on year. The company's sales of car exceeded 80,000 units last year, up 40 per cent year on year.
The company also announced that it would invest CNY2.0 billion in launching of three projects. They are the construction of the second engine plant aiming to bring the production of self-developed B-grade car engine from 50,000 to 90,000 units, with total investment in fixed assets of CNY695.47 million; the Mazda car modifying project with investment in fixed asset of CNY575 million for transformation of production lines and purchase of new equipment; and the car B131 technical transformation project with investment of CNY821 million, which is expected to have an annual production of 80,000 B131 new cars by 2010.
Abstracted from Asia Pulse
