The State of China's Auto Industry: Chang An Auto's 432 % rise in profits
Here’s a clue to consider….Chang An Auto recorded a 432% profit rise year on year, has 10% of the market and expects to sell 1.8 million autos in 2010 totaling consolidated revenue of 39 billion yuan. So what about the other 30+ auto manufacturers in China?…Unbelievable!!…Cheers, Mario
Chongqing Changan Automobile (000625) recorded a 432.3 percent year-on-year surge in 2009 net profit to 1.078 billion yuan, reports China Securities Journal, citing a company filing.
Earnings per share was 0.46 yuan. The company declared that it will distribute cash dividends of 0.65 yuan for every ten shares held.
Consolidated operating revenues for 2009 hit 25.2 billion yuan. The company produced and sold 1.387 million vehicles and 1.369 million vehicles respectively in 2009, representing increases of 66.87 percent and 64.07 percent from the previous year. Sales of minivans rose 86.69 percent year-on-year to 675,200 units.
The company has a 10.03 percent share of the domestic auto market, representing an increase of 1.13 percentage points year-on-year. By sales volume, it is ranked amongst the top four in the Chinese auto market.
Chongqing Changan Automobile recorded a gross margin of 20 percent in 2009, an increase of 4.69 percentage points from 2008.
The company is targeting to produce and sell more than 1.85 million units in 2010 with consolidated revenue of about 39 billion yuan.
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