SAIC's net profit may rise 40% in 2011
By Jin Jing |
February 1, 2012, Wednesday
|
Print Edition
Print Edition
SAIC Motor Corp, China's largest automaker, yesterday estimated its 2011 net profit may jump 40 percent on higher vehicle sales, although the growth is a sharp drop from the level a year earlier.
SAIC said in a statement that the asset restructuring with its parent, Shanghai Automotive Industry Corp, also drove earnings higher.
In 2010, the company's net profit surged 108 percent to 13.7 billion yuan(US$2.2 billion).
Sales for SAIC, the Chinese partner of General Motors Corp and Volkswagen AG, rose 12 percent to more than 4 million units last year, compared with an average gain of only 2.5 percent for the industry after the government phased out incentives and a slower economy dented demand.
Chinese carmakers have seen their sales hit by the expiration of a government stimulus last year, leading to a fall in net profit for many of them.
FAW Car, the listed arm of China's second-largest auto group FAW Group, earlier warned its 2011 net profit may plunge 80-98 percent to between 37.2 million yuan and 372 million yuan as it blamed a slow industry growth and stiff market competition.
SAIC's joint venture with General Motors sold 18.5 percent more vehicles last year and its tie-up with Volkswagen sold 15 percent more.
SAIC is scheduled to unveil full-year earnings on April 5.
SAIC said in a statement that the asset restructuring with its parent, Shanghai Automotive Industry Corp, also drove earnings higher.
In 2010, the company's net profit surged 108 percent to 13.7 billion yuan(US$2.2 billion).
Sales for SAIC, the Chinese partner of General Motors Corp and Volkswagen AG, rose 12 percent to more than 4 million units last year, compared with an average gain of only 2.5 percent for the industry after the government phased out incentives and a slower economy dented demand.
Chinese carmakers have seen their sales hit by the expiration of a government stimulus last year, leading to a fall in net profit for many of them.
FAW Car, the listed arm of China's second-largest auto group FAW Group, earlier warned its 2011 net profit may plunge 80-98 percent to between 37.2 million yuan and 372 million yuan as it blamed a slow industry growth and stiff market competition.
SAIC's joint venture with General Motors sold 18.5 percent more vehicles last year and its tie-up with Volkswagen sold 15 percent more.
SAIC is scheduled to unveil full-year earnings on April 5.
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