Dongfeng’s 1Q Profit Jumps 24%

Dongfeng Automobile Co. said its profit increased for a third straight quarter, rising 24% as China's surging economy boosted demand for trucks and other commercial vehicles, Bloomberg reported.

Net income rose to 131.4 million yuan (about $17 million) or about 1 cent per share, from $13.7 million or about half-a-cent per share, the Chinese company said Monday in a statement filed with the Shanghai stock exchange.

Sales rose 30% to $387 million, said Dongfeng, the Chinese partner of Nissan Motor Co., Bloomberg reported.

Vehicle sales have more than tripled over the past five years in China, which surpassed Japan as the world’s second-largest auto market last year, Bloomberg said.