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China Fuyao Sees 2006 Net Up 50 pct, Shares Soar
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Reuters reported that China's Fuyao Group Glass Industries Co. Ltd. , in which Goldman Sachs is buying a stake, said on Tuesday it expected a jump of more than 50 percent in its earnings this year, sending its share price up nearly 8 percent.
Fuyao, China's top automotive glass maker, said in a statement the earnings increase would be fuelled by contributions from new projects and rising exports.
The company booked 391.72 million yuan ($50 million) in net profit in 2005. Shares of the company rose 7.72 percent to 12.98 yuan in late morning trade on Tuesday.
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December 14th, 2006
Source: Yahoo |
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