Shanghai-listed shares in Fuyao Glass edged up 0.2% today after the big auto glass maker controlled by Chinese billionaire Cho Tak Wong said it had eked out an increase in 2012 earnings.
Net profit rose by 0.8% to 1.5 billion yuan, or $246 million yuan on growth in its contract manufacturing business. Sales last year increased by 5.8% to 10.2 billion yuan, said Fuyao, whose customers include Ford, GM and BMW, along with other large multinationals.
The company’s shares have risen by only 1% in the past year amid moderating GDP growth in China and government restrictions on auto purchases in some key cities. China is currently the world’s largest auto market.
Cho ranked No. 1,250 on the 2013 Forbes Billionaires list with wealth of $1.15 billion. He is a mainland native who formally resides in Hong Kong.
Fuyao also said today it plans to invest 830 million yuan to upgrade two construction glass production lines in Inner Mongolia, which is undergoing a mining boom.
