Changan Auto, China’s fourth-largest vehicle maker, reported a 48% jump in net profit in the first half on Tuesday, helped by brisk sales at its venture with Ford.
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The auto maker, based in the southwestern city of Chongqing, sold 287,514 vehicles in the period, up 15.76% from a year earlier. Sales at the Ford venture, which contributed about half of the total, surged 163%, Reuters reported.
Net profit came to 435.3m yuan ($54.65m), up from 293.78m a year earlier, with turnover up 32% to 12.58bn yuan.
In the second quarter alone, Changan Auto’s net profit jumped 150% to 230.76m yuan, according to Reuters calculations. The company did not break out second quarter earnings.
The news agency said Changan Auto forecast a more than 50% rise in earnings for both the third quarter and the first nine months of this year. Top executives at the venture with Ford have projected a doubling of sales for 2006, on the strength of new models.
