China car gi­ant SAIC records 12.8 per­cent profit rise in 2014

The China Post - - BUSINESS -

China’s largest au­tomaker, SAIC Mo­tor, said net profit rose 12.8 per­cent last year on strong pas­sen­ger car sales but gains were stunted by slower growth in the world’s num­ber two econ­omy.

The Shang­hai-based firm said net profit was 27.97 bil­lion yuan (US$4.56 bil­lion), up from 24.80 bil­lion yuan in 2013, ac­cord­ing to a state­ment is­sued to the Shang­hai stock ex­change late Thurs­day.

“In 2014, the do­mes­tic auto mar­ket slowed un­der the in­flu­ence of the macroe­co­nomic down trend,” said SAIC, which has joint ven­tures with Gen­eral Mo­tors of the United States and Ger­many’s Volk­swa­gen.

China’s econ­omy ex­panded an an­nual 7.4 per­cent last year, the slow­est in nearly a quar­ter of a cen­tury.

Over­all auto sales in China — the world’s big­gest car mar­ket — rose 6.9 per­cent to 23.49 mil­lion ve­hi­cles last year, ac­cord­ing to in­dus­try group the China As­so­ci­a­tion of Au­to­mo­bile Man­u­fac­tur­ers. In 2013, sales surged an an­nual 13.9 per­cent.

SAIC’s op­er­at­ing rev­enue rose 11.4 per­cent year-on-year to 630 bil­lion yuan in 2014, the state­ment said.

The com­pany recorded sales of 5.62 mil­lion ve­hi­cles last year, up 10.1 per­cent from 2013, it said, adding that pas­sen­ger car sales surged 16.2 per­cent to 4.60 mil­lion units but com­mer­cial ve­hi­cle sales plunged 11.0 per­cent to 1.02 mil­lion.

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