Fuyao Group sees 1Q net profit over 50% higher

China“s Fuyao Group Glass Industries Co. Ltd., in which Goldman Sachs is buying a stake, said on 26 March 2007 that its net profit would likely rise more than 50% year-on-year in the 1Q of 2007.
The…

China“s Fuyao Group Glass Industries Co. Ltd., in which Goldman Sachs is buying a stake, said on 26 March 2007 that its net profit would likely rise more than 50% year-on-year in the 1Q of 2007. The company, China“s top automotive glass maker, said in a statement that the expected earnings increase was driven by sharply higher exports, returns from new projects as well as a technological upgrade. The company reported a net profit of CNY 96 million (USD 12.42 million) for the 1Q of 2006. In December 2006, Fuyao“s shareholders approved a share placement deal worth USD 113 million with Goldman, enabling the private equity arm of the US bank to hold a 9.98% stake in the Chinese company.