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Auto maker BAIC sees profit surge 46.1% in 2011

Jan. 9, 2012 (China Knowledge) - State-owned auto manufacturer Beijing Automotive Group Co or BAIC Group has posted RMB 15.77 billion-profit for 2011, reflecting a year-on-year increase of 46.1%, sources reported.

The leading Chinese vehicle company's operating revenue increased 27.4% from two years earlier to RMB 200.97 billion last year, much more than RMB 150 billion the group realized in 2010 and RMB 100 billion in 2009 respectively.

BAIC Group produced 1.51 million autos in 2011, up 0.6% year on year.

The firm's auto sales increased 2.7% from two years earlier to 1.54 million, compared with 4.01 million sold by its largest domestic rival SAIC Group, the parent company of China's No.1 car maker SAIC Motor Corp Ltd<600104>, and 3.06 million vehicles sold by Dongfeng Motor Group Co Ltd<0489>.

BAIC Group said most of its auto sales were derived from the vehicle trade-in business, especially in Beijing, China's largest auto market, said a person familiar with the matter.

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