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Fuyao Glass sees 2015 profits up 17 pct

Xinhua, March 20, 2016 Adjust font size:

The net profits of Fuyao Glass Industry Group Co., one of Asia's largest automobile glass producers, increased by 17.37 percent in 2015, mainly due to robust auto sales in China.

In a statement filed with the Shanghai Stock Exchange, the firm said its revenue rose by 4.99 percent from a year earlier to 13.57 billion yuan (2.08 billion U.S. dollars). Net profits hit 2.6 billion yuan.

Earnings per share stood at 1.1 yuan, down 0.9 percent from one year earlier, according to the statement.

China's auto industry has developed rapidly over the past several years, with vehicle output rising from 18.26 million units in 2010 to 24.5 million units in 2015.

More than 30 million vehicles are expected to be sold in China in 2020, nearly double the number forecast in the United States, according to estimates from consultancy IHS.

Given the booming auto industry in China and other developing countries, Fuyao will enjoy stable growth in the medium to long term, the statement said. Endi