Cars

Beiqi Foton H1 net profit jumps 153.2%

(Xinhua)
Updated: 2010-08-27 17:46

BEIJING - Beiqi Foton Motor, one of China's major truck makers, said Friday its net profit for the first half of this year was up 153.2 percent from the same period last year.

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Net profit totaled 1.147 billion yuan ($168.7 million) and earnings per share stood at 1.252 yuan, up 153.44 percent year-on-year, the company said in a statement filed with the Shanghai Stock Exchange.

The soaring profit was achieved on the back of a 54.17-percent increase in business revenues, which rose to 30.2 billion yuan, said the statement.

The Beijing-based truck maker attributed the strong performance to a government program meant to invigorate the automobile industry and the company's success in "raising the internal value of its products."

Despite the remarkable gains in revenues and profit, Beiqi Foton's shares on the Shanghai bourse declined 1.45 percent to 21.12 yuan Friday.