Weichai Saw its Net Profits Down 4.4% in ’08
2009-04-30 Source：english.chinabuses.com
Shandong-based Weichai Power Co., Ltd. (Weichai for short) released its 2008 annual report and the first quarter report of 2009.
According to the report, the company realized a turnover of RMB 33.128 billion (about USD 4.852 billion). Both its sales volume and sales income were on a steady rise, reaching a record high. In 2009, the company sets its sales target at RMB 35.2 billion (about USD 5.16 billion).
It is also revealed in the annual report that the company registered a net profit of RMB 1.931 billion (about USD 283 million), slightly down by 4.4%. Its earnings per share stood at RMB 2.32 (about USD 0.340).
In the first quarter of 2009, Weichai registered a turnover of RMB 6.166 billion (about USD 903 million) and net profits of RMB 361 million (about USD 52.874 million). Its earnings per share stood at RMB 0.43 (about USD 0.0630).
As one of the most competitive enterprises specialized in manufacturing auto parts & accessories and drivelines, Weichai boasts the best domestic brand name in the field of engines, transmissions and heavy-duty axles. Despite of the negative impacts caused by the global economic slump and China’s economic restructuring, Weichai’s core business continued its robust growth in 2008, further solidifying its leading position in China’s parts & accessories markets for 14-ton-plus heavy-duty trucks and 5-ton-plus trucks.
In Jan. 2009, Weichai successfully acquired French engine maker Moteurs Baudouin with a price tag of Euro 2.99 million, the first step of the company in international acquisition. The complementary business of the two companies will give a further boost to Weichai’s overseas expansion.
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