Beiqi Foton 2007 net profit soars 600 pct.
January 30, 2008 - Chinese truck maker Beiqi Foton Motor Co announced last weekend an estimate net profit surge of more than 600 percent last year.
Foton's net profit in 2007 might reach 333 million yuan ($46.3 million) in total, the announcement said. The company’s 2006 net profit was 47.6 million yuan ($6.61 million).
In October, Foton had predicted the year's profit would rise more than 100 percent, but it said recently that management reforms, an improved product portfolio and new sales channels contributed to the company's stronger-than-projected performance.
Daimler AG and Beiqi Foton are exploring possibility to build a joint venture truck maker after a 24 percent stake-purchase deal met regulatory obstacles a month earlier.