China Fuyao Sees 2006 Net Up 50 pct, Shares Soar

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.

600450 China Fuyao Sees 2006 Net Up 50 pct, Shares Soar

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