Beiqi Foton says profit in quarter 1 increased 150% percent
Chinese truck maker Beiqi Foton Motor Co estimated on Wednesday that net profit in the first quarter of this year rose at least 150 percent from a year earlier.
Excluding extraordinary items, the company estimated that net profit climbed at least 50 percent.
In the first quarter of 2007, Beiqi Foton made a net profit of 66.28 million yuan ($9.4 million). Listed Chinese companies are required to announce preliminary estimates if they expect to report earnings swings of at least 50 percent.
Beiqi Foton said profit was boosted by rising sales of high value-added products during the quarter, as well as by government assistance, which it did not specify, and by income from its sale of shares in another company.
In a separate statement, Beiqi Foton said it would spend 125.48 million yuan to buy shares in Beijing Foton Cummins Engine Co, its engine-making venture with U.S. company Cummins Inc, from an affiliate in the Beiqi Foton group.
The purchase, which is designed to increase Beiqi Foton's control over the venture, boost management efficiency and reduce management costs, will raise Beiqi Foton's stake in the venture to 37.45 percent from 25 percent, it said.
The affiliate's stake would fall to 12.55 percent from 25 percent, while Cummins and an affiliate would continue to hold 50 percent.
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