China Fuyao Glass Q3 net profit jumps 54 pct

Fuyao Group Glass Industries Co, China topautomotive glass maker, said on Friday that net profit jumped 54 percent from a year earlier to 240.48 million yuan ($32.1 million) in the third quarter of this year.
Earnings per share climbed by the same percentage to 0.24 yuan as turnover rose 32 percent to 1.39 billion yuan.

In the first nine months of 2007, net profit climbed 45 percent to 657.18 million yuan as core operating revenue rose 31 percent to 3.59 billion yuan.

"Rising demand for auto glass due to an increase in the number of vehicles in both the domestic and international markets, as well as growth in our float glass sales, pushed up turnover," Fuyao said.

Sales of auto glass rose 21 percent, while exports surged 152 percent and float glass sales climbed 61 percent, it said.

Fuyao shareholders last December approved a share placement deal worth $113 million with Goldman Sachs, enabling the U.S. bank to hold a 9.98 percent stake in the firm, but the deal is still awaiting final approval by China securities regulator.

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