BEIJING - Anhui Xingma Automobile said Tuesday its net profit jumped 265.32 percent year-on-year to 82.8 million yuan ($12.13 million) in 2009 on the back of government stimulus measures.
Special Coverage:2009 Annual Reports of Listed CompaniesRevenue rose 41.23 percent year-on-year to 2.65 billion yuan last year.
The company attributed the profit surge to the government's 4-trillion-yuan stimulus package and sales tax cuts designed to give the auto industry a boost.
The government cut the sales tax on cars smaller than 1.6 liters to 5 percent from 10 percent from Jan 20 to Dec 31 last year.
The policy is being partially retained in 2010, with the sales tax now at 7.5 percent.