October 24, 2008 / 4:25 AM / 9 years ago

Fuyao Glass says may not hit profit target this year

SHANGHAI, Oct 24 (Reuters) - Fuyao Glass Industry Group Co (600660.SS), China’s largest automotive glass maker, may not be able to meet its previous target of 40 to 50 percent net profit growth this year as car sales slow, its chairman said on Friday.

    Fuyao has also stopped investing in new capacity since the first half of the year, Cho Tak Wong told Reuters on the sidelines of an entrepreneur forum.

    “Previously, we had expected to have a net profit of more than 1 billion yuan ($146.3 million) this year. But now that seems unlikely,” Cho said.

    Fuyao, which previously had sought to buy auto glass assets from Ford Motor (F.N) in the United States, is no longer interested in investing in U.S. auto glass assets, he said. ($1=6.835 Yuan) (Reporting by Fang Yan; Writing by Edmund Klamann; Editing by Ken Wills)

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