Beiqi Foton 2009 net profit triples to 1.04 bln yuan

(chinatrucks.com, Mar.11, 2010)Beiqi Foton Motor Co Ltd (600166.SH), China's leading producer of commercial vehicles, said over the weekend that its net profit tripled last year, boosted by its strong growth in sales of high-end vehicles, media reported.

Beiqi Foton, a subsidiary of Beijing Auto, said that net profit for the 12 months ended on December 31, 2009 was 1.04 billion yuan ($152.3 mln), up from 345.9 million yuan the company achieved in 2008.

The company said that it sold 602,021 vehicles in 2009, up 47% year on year, with its total revenue up 49.1% to 44.84 billion yuan from 30.07 billion yuan of the previous year. By sales, Beiqi Foton Motor is China's biggest producer of commercial vehicles.

However, Beiqi Foton exported only 24,443 vehicles last year, down 15.3%, as the international demand slowed down amid the financial crisis.

Beiqi Foton Motor recently started construction of a 3 billion plant in Miyun county, Beijing, mainly for its passenger car project. The new factory is expected to have an annual capacity of 200,000 vehicles.

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