Strong sales see SAIC’s profits up
CHINA’S biggest carmaker Shanghai Auto Industry Corporation (SAIC) has reported a rise in net profit of more than 6 percent in the first half on stronger sales.
The firm made 15.06 billion yuan (US$2.25 billion) in the first six months of the year, SAIC said in a statement last week to the Shanghai stock exchange, where it is listed.
The figure was 6.31pc higher than the 14.17 billion yuan in the same period last year.
SAIC sold a total of 3 million cars in January-June, up 4.9pc year-onyear, maintaining its position as the country’s biggest auto manufacturer by sales.
Car sales in China, the world’s biggest auto market, increased in 2015 at their slowest rate in three years, rising less than 5pc annually to 24.6 million units.
But they jumped 8.14pc in the first six months to 12.83 million, according to the China Association of Automobile Manufacturers. –