Chinese auto parts maker reports turnaround in profit last year
Sichuan Hejia Co., Ltd, a privately-owned auto parts manufacturer based in southwest China, reported a profit in 2009, a turnaround after its losses the previous year.
The company made a profit of 12.2 million yuan (1.8 million U. S. dollars) last year, while the year before it suffered a loss of 49.4 million yuan, according to its annual report filed to the Shanghai Exchange.
According to the report, its earnings per share reached 0.0084 yuan in 2009, up from losses of 0.1752 yuan per share in 2008, and its revenues last year totalled 306.5 million yuan, up 20.71 percent year on year.
The company attributed its turnaround to China's booming auto market. China's auto sales gained 46.15 percent year on year to 13.64 million units for 2009, according to data from the China Association of Automobile Manufacturers.
Stock price of Hejia, however, dropped 1.35 percent Thursday (March 18) to close at 8.78 yuan.
