Foton expects 50% rise in net profit in the first half year

hinese truck maker Beiqi Foton Motor Co said on Friday it expected a rise of 50 percent or more in net profit in the first half of the year, boosted by sales of high-end products and government subsidies.

The company's revised net profit for the first half of last year was 211.23 million yuan ($30.93 million), or 0.26 yuan per share.

The estimate for the first half was based on unaudited figures. Listed Chinese companies are required to issue preliminary estimates if they expect earnings to rise or fall more than 50 percent.

Foton Motor said detailed first-half figures would be released in its interim report.

Foton Motor and Daimler AG have agreed to set up a truck-making joint venture. The chairman of the Chinese firm's parent company has said the two parties would finalize the deal after the Beijing Olympics in August.

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