Changan Automobile posts 2007 net profit up 28.39%

Chongqing Changan Automobile Co. Ltd<000625>, one of China's major carmakers, announced its net profit 2007 has reached RMB 667 million, representing a 28.39% increase over the previous year, said the carmaker in its annual report.

In 2007, the Chongqing-based carmaker's revenue grew to RMB 13.7 billion, up 12.91% year-on-year, while its net profit per share rose to RMB 0.34, based on the Chinese accounting standard.

It has produced more than 760,100 automobiles in 2007, up 76.01% year-on-year, and sold 770,500 cars, up 24.54% year-on-year, including 682,000 passenger vehicles and 88,500 commercial vehicles.

The report included the performance of its joint venture firm, Changan Ford Mazda. Jointly established by Changan, Ford and Suzuki Motor, it is the best performer among all the joint ventures. Its net profit 2007 exceeded RMB 1.9 billion, with sales of 224,600 cars.

Changan has forecasted in its annual report that its car sales would surpass 890,000 units and sale revenue would exceed RMB 16.3 billion in 2008.