Fuyao Glass Industry Group Co Ltd, a manufacturer of automotive, decorative and industrial glass under the brand name of FY, said that its net profit may have grown by 287% in the first quarter of this year.
In a statement filed with the Shanghai Stock Exchange, the firm said the estimated profit surge is mainly due to China's rapidly growing automotive market and expanding overseas market; lean production and energy savings; and optimized debt structure and reduction in financial expenditures.In the first quarter of 2009, the company's net profit was RMB 103 million, and earnings per share were RMB 0.05.The Shanghai-listed firm's net profit for last year reached RMB 1.12 billion, an amount 4.54 times the amount it realized in 2008.
Its operating revenue hit RMB 6.08 billion, swelling 6.34% year on year and exceeding the original goal by 12.23%, according to an earlier report from China Knowledge.