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Ankai net profit triples in 2010

HEFEI, Anhui – Ankai Automobile Co., Ltd., the Shenzhen-listed bus manufacturing subsidiary under Jianghuai Automobile Group Corp. (JAC), said in a statement on March 4 that its net earnings jumped 201.74 percent in 2010 to ¥73.33 million ($11.11 million).

As a result, per-share earnings tripped to ¥0.24. It also said its sales revenues in 2010 increased 43.94 percent to ¥3.152 billion on sales of 10,012 buses, which were up 28.57 percent.

Last year, the company became the fifth large and medium bus maker in China to produce and sell 10,000 buses in a single year. It ranked second in new energy bus sales in China but was first in pure electric bus sales, with over 80 percent of the market, which saw sales of some 400 units.

Ankai, founded in 1997 and later (in 2003) became a majority-owned subsidiary of JAC, primarily produces mid- and high-end large and medium buses and chassis.


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