CHINA: SAIC confirms Q1 profit leap
SAIC Motor Corp has fleshed out details of its first quarter performance.
The Chinese automaker - the largest in the country by volume - earlier this month said that it had more than quadrupled its first-quarter net profit, as government policy incentives helped drive strong growth in car sales in the world's biggest auto market. However, it did not provide specific details at the time.
SAIC, which runs car manufacturing ventures with General Motors and Volkswagen, today said net profits for the three months ended 31 March was CNY2.88bn, up from CNY626.9m a year earlier.
Revenue totalled CNY62.83bn in the period, up from CNY27.22bn a year earlier.
No further details were provided.