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Fuyao Glass shares rise after minor profit increase

Fuyao Glass saw its shares move up 0.2% on the Shanghai stock exchange thanks to a slight increase in 2012 earnings.

Shares in Fuyao Glass edged up 0.2% on the Shanghai stock exchange after the auto glassmaker said it had squeezed out an increase in 2012 earnings.
Net profit rose by 0.8% to CNY 1.5 billion, or USD 246 million on growth in its contract manufacturing business. Sales increased by 5.8% to CNY 10.2 billion, reported Fuyao, whose customers include Ford, GM and BMW, along with other large multinationals.
The company’s shares have risen by only 1% in the past year amid moderating GDP growth in China and government restrictions on auto purchases in some key cities. China is currently the world’s largest auto market.
Fuyao also said it plans to invest CNY 830 million to upgrade two construction glass production lines in Inner Mongolia.

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