Friday, March 28, 2008

SAIC Motor 2007 profit more than doubled

SAIC Motor Corp<600104> on Wednesday reported its 2007 net profit more than doubled from a year earlier on strong sales and capital support from its parent company.

Net profit for the 12 months ended Dec. 31, 2007 was RMB 4.63 billion, compared with RMB 1.36 billion a year earlier. Sales more than quadrupled to RMB 104.38 billion from RMB 19.56 billion in 2006.

Shanghai Automotive Industry Corp, its parent, injected RMB 21.4 billion into SAIC Motor at the end of 2006. It includes stakes in the two joint ventures with General Motors and Volkswagen.

SAIC Motor is the biggest auto maker in China in terms of revenue.

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