Toyota Motor’s main Chinese partner said its 2005 net profit jumped 794%, as it increased efficiency and boosted production, according to a Reuters report.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Tianjin FAW Xiali Automobile said on Tuesday it made RMB260.13m yuan ($32.46m) in the 12 months ended December 31, compared with RMB29.09m in 2004, according to an announcement in the official Securities Times cited by the news agency.
Revenue rose a more modest 27% to 7.11bn yuan from 5.58bn yuan.
Reuters said the company, controlled by First Automotive Works, attributed the sharp increase to improvements in its quality, lower costs and higher sales volume.
Xiali’s 2005 profit is in stark contrast to some of its main competitors, who have grappled with falling prices as competition in the market heats up, the report added.
