China Beiqi Foton says 2007 profit soars 600 pct

Chinese truck maker Beiqi Foton Motor Co estimated on Saturday that net profit surged more than 600 percent last year.

In October, Foton had predicted the year's profit would rise more than 100 percent, but it said on Saturday that management reforms and adjustments to its product line-up had proved more successful than expected.

In 2006, the company made a net profit of 47.6 million yuan ($6.6 million).

Foton is due to make a full 2007 earnings report in coming weeks. Listed Chinese companies are required to announce preliminary estimates if they expect to report big swings in earnings.

In December Foton scrapped a plan to sell shares to DaimlerChrysler, which would have paid 817 million yuan for a 24 percent stake, though it said it would explore cooperative opportunities with Daimler AG in the medium- to heavy-duty truck sector.

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