SAIC Motor forecasts quadrupling of Q1 net profit

17:29, April 09, 2010      

Email | Print | Subscribe | Comments | Forum 

SAIC Motor, China's biggest automaker, Friday announced its first-quarter net profit was expected to grow by more than 300 percent year on year.

The company gave no absolute figures for the estimated results, but said its net profit for the same period last year stood at 626.94 million yuan (91.9 million U.S. dollars), in a statement filed to the Shanghai Stock Exchange.

The carmaker said the performance stemmed from booming sales in the first three months, which jumped 63 percent from a year earlier to 890,000 units.

SAIC sold 2.73 million vehicles in 2009, up 57.2 percent,with market share in China rising 1.4 percentage points to 19.9 percent, according to the company's annual report released last week.

China overtook the United States last year as the world's largest auto market, with sales surging 46.15 percent to 13.64 million units, according to the China Association of Automobile Manufacturers this January.

The company's stock rose 1.24 percent to 20.44 yuan per share Friday.

Source: Xinhua

(Editor:黄硕)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion