Thursday, March 27, 2008

Dazhong Transportation Co 2007 profit more than doubled

Dazhong Transportation (Group) Co Ltd<600611><900903>, a taxi and freight truck operator based in Shanghai, booked more than 100% rise in 2007 profits as it reaped more returns from investments and expanded its core business, it said in a statement on Monday.

Its net profit jumped 102.93% to RMB 466 million or RMB 0.44 per share in 2007. Revenue from core business stood at RMB 5.43 billion, up 9.07% from a year earlier, the statement said.

In addition, it has agreed to acquire 29.99% stakes in a taxi runner in an effort to boost its taxi operations. The move itself will have little impact on the company's financial situation, according to the statement.

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