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Fuyao Glass 9-month net up 45%

Auto glass producer Fuyao Glass Group Industries Co Ltd, said net profit in the first nine months of 2007 was CNY 657.2 million, up 45.4% year-on-year, due to a strong original equipment manufacturer …

Auto glass producer Fuyao Glass Group Industries Co Ltd, said net profit in the first nine months of 2007 was CNY 657.2 million, up 45.4% year-on-year, due to a strong original equipment manufacturer (OEM) business. Operating revenue increased to CNY 3.66 billion in the period, up 31.8% from a year earlier. Sales of windshields in the first nine months rose 20.5% from a year earlier, including those sold internationally to OEMs, which saw a growth rate of 152%. The domestic OEM business rose 24.4%. Sales for float glass, mainly used in buildings, increased 61.4% year on year. The company did not give absolute figures. Earning per share came in at CNY 0.66 per share, up 46.6% year-on-year. The company made no earning forecasts for the rest of 2007. Earlier, Fuyao Glass Group Industries said it has received approval from the commerce ministry to take in Goldman Sachs units as strategic investors.

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