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Chongqing Changan Auto shares limit up on strong sales
April 14, 2014 / 2:30 AM / 4 years ago

Chongqing Changan Auto shares limit up on strong sales

BEIJING, April 14 (Reuters) - Shares in Chongqing Changan Auto surged on Monday, touching their highest daily trading limit after the company reported robust earnings for 2013 and predicted strong net profit growth in the first quarter of this year.

The earnings report, released on Saturday, showed preliminary 2013 net profit up 142.4 percent on year to 3.51 billion yuan.

The company sees first-quarter net profit rising over 200 percent on year to as much as 2.05 billion yuan ($329.98 million)

The strong results pushed the shares up 10 percent, their highest single-day gain since October 2013.

China’s vehicle sales grew 6.6 percent in March, China Association of Automobile Manufacturers said on Friday. The association forecast the market would grow 8-10 percent this year, slowing from last year’s 13.9 percent pace. (Reporting By Natalie Thomas; Editing by Sunil Nair)

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