BEIJING, April 2 (Xinhua) -- Dongfeng Automobile Co. Ltd., the listed arm of Dongfeng Motor Corporation, reported a 175.95-percent rise in 2018 net profits despite the overall decline in China's automobile market.
Net profits attributable to shareholders reached 553.85 million yuan (82.47 million U.S. dollars) in 2018, according to the company's annual report filed to the Shanghai Stock Exchange.
The Shanghai-listed company's total assets rose 10.35 percent year on year to hit 19.63 billion yuan at the end of 2018.
Meanwhile, operating revenue dropped 21.2 percent year on year to 14.42 billion yuan.
The company sold 32,000 new energy automobiles last year, up 9.4 percent year on year.
Dongfeng Automobile shares opened 6 percent higher at 5.4 yuan Tuesday.
China sold 28.08 million autos last year, down 2.76 percent year on year, remaining the world's largest auto market, data from the China Association of Automobile Manufacturers (CAAM) showed.