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SAIC forecasts 300% profit rise
By Jin Jing |
April 9, 2010, Friday
|
Online Edition
Online Edition
SAIC Motor Corp expects its first quarter net profit will rise more than 300 percent from the same period last year after vehicle sales jumped with government incentives, it told the Shanghai Stock Exchange today.
The listed unit of the nation's biggest auto maker achieved a net profit of 626 million yuan (US$92 million) during January to March last year, with earnings per share at 0.096 yuan, the statement added.
The Shanghai-based car maker is a major beneficiary of China's recovering economy and government incentives for the auto industry since last year.
The government hoped tax incentives on small cars and subsidies for rural purchases would help stabilize market demand after breathtaking sales growth last year.
SAIC, the Chinese partner of General Motors Corp and Volkswagen AG, said it sold 890,000 vehicles in the first quarter of this year, an increase of 63 percent year on year.
Last year, SAIC achieved record sales of 2.72 million units, making it the world's top 10 auto maker. It aims to sell 3 million vehicles this year with revenue of 245 billion yuan.
The listed unit of the nation's biggest auto maker achieved a net profit of 626 million yuan (US$92 million) during January to March last year, with earnings per share at 0.096 yuan, the statement added.
The Shanghai-based car maker is a major beneficiary of China's recovering economy and government incentives for the auto industry since last year.
The government hoped tax incentives on small cars and subsidies for rural purchases would help stabilize market demand after breathtaking sales growth last year.
SAIC, the Chinese partner of General Motors Corp and Volkswagen AG, said it sold 890,000 vehicles in the first quarter of this year, an increase of 63 percent year on year.
Last year, SAIC achieved record sales of 2.72 million units, making it the world's top 10 auto maker. It aims to sell 3 million vehicles this year with revenue of 245 billion yuan.
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