Jingling Motor net profit jumped twice in Q3

(chinatrucks.com, Oct. 29, 2009)Jiangling Motors released performance report in the third quarter on October 27, 2009. The net profit in the third quarter by 3.36 hundred million yuan, up 214.89 percent over the same period last year, gross margin by 28%, has a increased by about 6 percentage points over the same period last year. The company said the increase was mainly because of the sales increase and material costs down.

In the first three quarters, sales of Jiangling Motor  by 7.499 billion yuan, up 11.84 percent over the same period last year; net profit by 769 million yuan, has a 20.50% growth compared with the same period last year . The Earnings of each share was 0.89 yuan, up 20.50 percent year on year. And the ROE was 16.86%.

In addition, the monetary funds has an increase about 1.714 billion yuan compared with that of last year, and the increase approximately 113% proportion.   The net increase of cash flow generated from operating activities rose about 2.117 billion yuan year on year in the first three quarters.

Huatai Securities said that domestic commercial vehicle has good cost-effective advantages, but subject to the ten years cooperation agreement with Ford, products can not be exported. Now the agreement has expired, a major obstacle has been removed. The future of the light truck products are expected to export to open a new room for growth.

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