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SAIC Motor's H1 profit up 5.08%

Aug. 30, 2012 (China Knowledge) - SAIC Motor Corp Ltd<600104>, China's No.1 carmaker, said yesterday that its net profit rose 5.08% YoY to RMB 10.78 billion in the first half of this year, due to strong sales of its joint ventures.

The company outperformed most domestic peers although the profit growth was much lower than the 47% surge in the same period of 2011.

Basic earnings per share were RMB 0.98 during the period.

SAIC Motor saw its operating revenue increase 10.13% YoY to RMB 235.56 billion in the first six months.

The company sold 2.23 million vehicles in the period, reflecting a growth of 11.4% YoY. It continued to lead the Chinese auto market with a 22.4% share, up from 21% at the end of 2011.

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