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January 7, 2010

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SAIC Expects 10-Fold Surge In 2009 Profit

CHINA'S largest automobile group, Shanghai Automotive Industry Corp, yesterday said it expects 2009 net profit to surge 10 times from a year earlier, driven by sizzling sales.

The car maker, which boosted sales by 57 percent to 2.72 million units last year, expects a whopping 900 percent jump in net profit for 2009, according to a filing to the Shanghai Stock Exchange. Earnings per share may also exceed 1 yuan for last year compared with 0.1 yuan in 2008.

Net profit for the Chinese partner of General Motors Corp and Volkswagen AG was 656.17 million yuan (US$96 million) in 2008.

Shanghai Volkswagen was the No. 1 seller in China last year with sales of 729,000 units, followed by Shanghai GM's 727,000 units, SAIC said.




 

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