Faw Car Co profit doubles on strong sales

FAW Car Co<000800>, a unit under First Automotive Works (FAW), one of the three biggest Chinese auto markers, on Tuesday reported its unaudited net profit for last year nearly doubled from a year earlier thanks to strong growth in sales and lower costs.

Net profit in 2007 stood at RMB 552.87 million, compared with RMB 276.53 million of 2006, the company said in an earnings statement, stressing that the figure has not been audited and is compiled under Chinese accounting standards.

Its revenue in the same period increased 22% to RMB 13.6 billion, up from RMB 11.2 billion of the previous year, the report said.

Its full annual result is scheduled to be published on Apr. 23.