BAIC Motor reports doubled profits

BAIC Motor Corp Ltd released its first annual report in Hong Kong on Sunday where it revealed that the company earned 4.51 billion yuan ($734.66 million) in profits, more than double the 2.71 billion yuan in it did in 2013.

BAIC Motor's revenue surged to 56.37 billion yuan, 441 percent that of the 12.78 billion yuan in 2013.

The report stated an earning-per-share of 0.7 yuan. The company's cost of sales almost quadrupled to 47.39 billion yuan from 12.37 billion yuan one year earlier.

Its Beijing Benz passenger car brought in 9.05 billion yuan in gross profits in 2014, skyrocketing from 1.39 billion yuan that of the 2013. The Beijing Motor passenger car lost 68.92 million yuan, much less than the loss of 977,92 million yuan in the previous year

This is the listed company's first financial report after being listed on the Hong Kong Stock Exchange on Dec 19, 2013.