Dongfeng Auto's 2007 net profit up 9.45% to RMB 678 mln

Dongfeng Automobile Co. Ltd<600006>, one of China's major carmakers, announced its net profit amounted to RMB 678 million in 2007, representing an increase of 9.45% from a year earlier, said the Hubei-based firm in its 2007 annual report to the Shanghai Stock Exchange.

The company, in which Renault Trucks and Nissan Motor hold combined 50% stake, has achieved revenue of RMB 12.79 billion in 2007, up 26.55% year-on-year.

The net profit attributable to shareholders was RMB 4.89 billion, rising slightly 0.62% from 2006. Earning per share stood at RMB 0.2447 in 2007. The dividend was expected to hit RMB 0.15 per share.

The asset of the Hubei-based carmaker has grown from RMB 11.16 billion to RMB 12.11 billion in 2007.

The company has attributed the growing revenue to the country's steady fast economic growth and rising truck sales due to the booming construction.

It estimated that its sales would decrease in 2008. It expects to sell 174,700 autos and 136, 200 engines respectively. The revenue and pre-tax profit are expected to hit RMB 16.2 billon and RMB 530 million separately.