Anhui Xingma Automobile reports 265% profit surge in 2009
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Anhui Xingma Automobile said Tuesday its net profit jumped 265.32 percent year-on-year to 82.8 million yuan ($12.13 million) in 2009 on the back of government stimulus measures. [More 2009 earnings reports]
Earnings per share rose to 0.44 yuan, up 266.7 percent from a year ago, the company said in a statement filed to the Shanghai Stock Exchange.
Revenue rose 41.23 percent year-on-year to 2.65 billion yuan last year.
The company attributed the profit surge to the government's 4-trillion-yuan stimulus package and sales tax cuts designed to give the auto industry a boost.
The government cut the sales tax on cars smaller than 1.6 liters to 5 percent from 10 percent from Jan 20 to Dec 31 last year.
The policy is being partially retained in 2010, with the sales tax now at 7.5 percent.
