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27.03.08
China’s SAIC Motor 2007 Net Surges 240%
Beijing 03/27/08 (www.emfis.com)
SAIC Motor Corp Ltd., the listed unit of China’s largest automaker Shanghai Automotive Industry Corp (SAIC), reported that 2007 net profit surged more than 240 percent to 4.63 billion yuan (US$658.7 million) in 2007 due to higher sales and an asset injection from SAIC.
SAIC’s stakes in joint ventures with General Motors Corp., Volkswagen AG and South Korea’s Ssang Motor Co. were all part of the assets transferred from SAIC to SAIC Motor Corp in 2007.
SAIC Motor reported that vehicle sales grew to 1.69 million units, up 25.8 percent over the previous year. Sales of passenger vehicles were up 24.3 percent compared with commercial vehicles up 29 percent.
Earnings per share were 0.708 yuan, up from 0.355 in 2006.
The company expects sales to grow to 1.9 million units in 2008, with total revenue growing to 119.1 billion yuan.
Source: EMFIS.COM, Author:
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