Fuyao Group Glass Industries H1 profits up 5.7%

Fuyao Group Glass Industries Co, China´s biggest windshield maker based in China´s southeast province Fujian, saw its net profit increased 5.7% year-on-year to RMB 440.31 million in the first half this year.

The company said the rising price of the oil and raw materials added 35.4% rise to its operating costs in the first half this year.

In the whole year of 2007, Fuyao Glass´s net profit rose 49% year on year to RMB 917 million, mainly boosted by the growing demand in the world´s second largest auto market.

In the first half this year, the company raked in RMB 2,897.74 million in revenue, compared with RMB 2,272,84 million in the same period last year.

Fuyao Group Glass targets to promote its revenue in the whole year of 2008 to RMB 6.3 billion, compared with last year´s RMB 5.17 billion. The company also noted that the domestic auto industry was showing a slowdown trend and the property sector was shrinking.

Fuyao Glass owns 50% of the market share in China. It is a manufacturer of automotive, decoration and industrial glass under the brand name of FY. It is also involved in the provision of glass installation and after-services.