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SAIC Motor expects 2011 profit to rise 40%

Feb. 1, 2012 (China Knowledge) - SAIC Motor Corp Ltd<600104>, China's No.1 carmaker, has said that it expected its net profit to grow more than 40% year on year in 2011.

In 2010, the company's net profit was RMB 13.73 billion, and basic earnings per share were RMB 1.61.

The automaker said the strong increase in net profit was due to an increase in auto sales and an asset acquisition from its controlling shareholder Shanghai Automotive Industry Corp (Group).

In 2011, the company's auto sales grew 12% year on year to more than 4 million units.

SAIC Motor is due to release its annual report on April 5 this year.

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