China's Changfeng Motors sees 2007 net up 400 pct
Hunan Changfeng Motors Co, a small Chinese SUV and pickup truck maker owned 16 percent by Japan's Mitsubishi Motors Corp, estimated on Wednesday that net profit surged at least 400 percent last year.
In 2006, the company made a net profit of 30.36 million yuan ($4.2 million). It attributed the leap in earnings to growing sales of high-margin products as a proportion of total sales.
Changfeng Motors will announce full 2007 earnings in coming weeks. Listed Chinese companies are required to make preliminary statements if they expect to report big swings in earnings.
Earlier this month, a Changfeng Motors executive said Mitsubishi Motors was seeking approval from Chinese authorities to set up an auto manufacturing joint venture with his firm.
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