Shanghai Automotive Co., a leading automotive parts maker in China, said on Wednesday its third-quarter net profit more than doubled year on year as output exceeded year-earlier levels, Dow Jones reported.
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The company reportedly said its net profit was CNY484.6 million in the July-September period, up from CNY202 million a year ago as consolidated revenue increased 23% to CNY1.80 billion last quarter, from CNY1.47 billion a year ago.
Dow Jones noted that the company, a unit of unlisted Shanghai Automotive Industry Corp., has joint ventures with General Motors and Volkswagen.
According to Dow Jones, Shanghai Automotive January-September net profit more than doubled to CNY1.45 billion from CNY608.3 million a year ago – the firm had previously predicted profit was likely to rise more than 50% for the first three quarters of the year.
Revenue in the first nine months of the year was up 55% to CNY5.35 billion, the report said.
Shanghai Automotive produces chassis, vehicle gearboxes, springs, transmission shafts, steering gears and ABS braking systems and its major customers are the Shanghai joint ventures of Volkswagen and General Motors, two of the top three sedan makers in China, Dow Jones said.
