BEIJING - Dongfeng Automobile Co Ltd (DFAC) announced on Saturday that its net profits surged nearly 145 percent in 2015 to 344 million yuan ($53 million).

According to financial results filed to the Shanghai Stock Exchange, the company sold about 189,000 vehicles in 2015, down 20.9 percent, as the economic slowdown dampened demand.

The sluggish sales sent its operating revenue down 3.41 percent to about 16.9 billion yuan last year.

But cost reductions, improved sales structure and enhanced efficiency helped DFAC become more profitable despite the dropping revenue, the company said.