SAIC Expects Over Ninefold Rise In 2009 Net Profit
(chinatrucks.com, Jan.18, 2010)SAIC Motor Corp. (600104.SH) said last Wednesday it expects a more than ninefold rise in its 2009 net profit because of a sharp increase in car sales last year as a result of Beijing's stimulus efforts.
China's largest auto maker by sales volume attributed the profit increase to a 57% rise in its vehicle sales in 2009 to 2.72 million units.
The company, which has joint ventures with General Motors Co. and Volkswagen AG (VOW.XE), didn't give an exact figure for last year's earnings.
Its net profit for 2008 was CNY656.17 million (US$96 million), down 86% from the previous year because of weakening demand and a substantial loss from its investment in South Korea's Ssangyong Motor Co.
SAIC is scheduled to issue its 2009 annual report April 1.
GM, one of SAIC's partners, said Monday its sales in China rose 67% last year to a record 1.83 million units, helping to offset a decline in its U.S. sales.
China's vehicle sales surged last year, propelling the country ahead of the U.S. as the world's largest auto market, after Beijing introduced several policies aimed at increasing demand during the global financial crisis, such as halving the purchase tax for vehicles with small engines.
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