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China's FAW Car 08 net up 90-120%, Changan down

(Agencies)
Updated: 2009-01-23 09:09

FAW Car Co, a unit of one of China's three largest auto makers, said on Friday its 2008 net profit rose 90 to 120 percent to 1.05 billion-1.20 billion yuan ($153.6-175.5 million), boosted by expanded sales and production.

The rise, based on preliminary, unaudited results, compared with an estimated sharp drop in net profit at Chongqing Changan Auto Co, Ford Motor's main Chinese partner, to 38.93 million yuan in 2008 from 666.89 million yuan a year earlier, also based on preliminary, unaudited results.

The companies will issue final results for 2008 in coming weeks.

The results at FAW, which makes Mazda Motor's mid-sized Mazda 6 sedans and whose parent company is a partner of Volkswagen AG and Toyota Motor, also contrasted with an estimated profit slump of more than 50 percent at SAIC Motor, China's largest automaker.

Sales in China's car market, the world's second-largest, have slowed sharply in recent months as the global recession casts a chill over the domestic economy.