SAIC Expects 10-Fold Surge In 2009 Profit
By Vivian Jin |
January 7, 2010, Thursday
|
Print Edition
Print Edition
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.
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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