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Jianghuai Automobile: Approved to Make Cargo Vehicles
1st December, 2007
Anhui Jianghuai Automobile Co., Ltd. (SHSE: 600418), a Hefei-based automaker, announces on November 29, 2007 that it has been approved by the National Development and Reform Commission to manufacture medium-and heavy-duty cargo vehicles.
The project with annual production capacity of 40,000 vehicles is invested with CNY 837 million in total, CNY 647 million of which is for fixed assets and CNY 190 million of which is for working capital.
The project will reach its designed capacity in six years and can generate annual average sales revenues of CNY 4.48 billion, annual average profit of CNY 334 million and annual average after-tax profit of CNY 224 million.
The project has not started yet and related time and mode have not been decided either.
Jianghuai Automobile closed at CNY 7.88 on November 28. It had had CNY 7.745 total assets, CNY 10.891 billion revenues from major operations and CNY 299.782 million net profits by September 30 this year.
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