China’s FAW Car has reported net profit for 2006 up 2.9% year on year after cutting prices to meet increased competition.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The growth rate was down from 8% in 2005, Reuters said .FAW net profit for the year ended 31 December, 2006, was $US44.88m (347.40m yuan), up from 337.62m yuan the year before.
Revenue for 2006 fell 3.6% to $US1.29bn (9.96bn yuan), in unaudited results compiled under domestic accounting standards. Reuters noted that the company will release final results on 30 April.
FAW is a unit of one of China’s three largest automakers, First Automotive Works, and makes the Red Flag cars favoured by Communist Party cadres as well as the Mazda 6 sedan.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
