Annual Report of Auto Company Reveals: Unusual Growth in Profits of Commercial Vehicle Enterprises
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In April, the disclosure of the annual report of each car company entered the end. At present, the rapid growth of the operating income and profits of many car companies in the annual auto companies that have already been released has become a norm. The total profit of Jianghuai Automobile increased by 1667.3% year-on-year, and that of Changan Automobile soared by 4323.36% year-on-year.
Unsurprisingly, along with China becoming the world's largest market, car companies have been able to earn enough money in the economic winter, which is a direct result of bright financial reports. In the published annual report, Changan Automobile's operating income reached 25.2 billion yuan, an increase of 88.43% over the same period of last year. During the reporting period, the company's net profit attributable to the parent company reached 1.078 billion yuan, up 4323.36% year-on-year. JAC achieved an annual operating income of 20.09 billion yuan, an increase of 36.44% year-on-year; total profit was 424 million yuan, an increase of 1667.3% year-on-year, and a net profit of 342 million yuan, an increase of 463.96% year-on-year.
Even the commercial vehicle sector, which is not obviously stimulated by policies, has achieved good growth. As the country's largest commercial vehicle company, Foton Motor disclosed its annual report. Due to the significant increase in car sales, the company’s net profit in 2009 increased by nearly double, and proposed a dividend of RMB 1.8 (including tax) for every 10 shares. Prior to this, Jiangling Motors released its performance report on January 20, which showed that the net profit exceeded 1 billion yuan, an increase of nearly 35%, and earnings per share reached 1.22 yuan, which is a very good figure. Judging from the listed publicly-traded passenger and commercial vehicle companies that have been announced, most companies have obtained more than RMB 1 billion in profits, which has more than doubled. Jiangling Motors' operating income reached 10.433 billion yuan, an increase of 21% over the previous year. The net profit was 1.056 billion yuan, a year-on-year increase of 35%.
In the car companies that issued the annual report, the reasons for the increase in profits all attributed to the country’s policy support last year. Jianghuai Automobile Analysis pointed out that last year's results benefited from seizing the opportunity of the state to ensure growth, expand domestic demand, and stimulate consumption policies. At the same time as a national high-tech enterprise, it also benefits from national and local policy support.
It is noteworthy that last year, leading automakers such as Shanghai Auto, FAW Car, and Changan Automobile became auto stock stars, and their share price increase was generally 2 to 3 times. The largest automotive listed company in Shanghai, Shanghai Automotive, expects its profit in 2009 to grow more than 9 times year-on-year in 2008. Chang’an Automobile’s profit in 2009 exceeded RMB 1 billion, which is more than 40 times higher than the RMB 24 million in 2008.