Rising Auto Sales Help Lift Profit At Chinese Billionaire's Glass Maker

11 years, 3 months ago - 30 July 2013, Forbes

Double-digit growth in car sales in China, the world’s motor vehicle market, in the first half of the year helped to lift profit of one of the country’s biggest glass makers in the first half of the year.

Shares in Fuyao Glass Industry Glass, one of the world’s largest makers of glass used in automobiles, gained 0.7% on Friday at the Shanghai Stock Exchange after the company said net profit in the first six months of the year climbed by 14% to 842.6 million yuan, or $137 million.

Sales rose 14% in the first half to 5.5 billion yuan, or $904 million.

China’s vehicle sales increased by 11% in June from a year earlier; for the first half, they rose by 12% to 10.7 million units.

Fuyao’s customers include Ford, GM and BMW, along with other large multinationals.

Fuyao chairman Cho Tak Wong 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.