General Motors and Volkswagen China joint venture partner SAIC Motor booked fourth-quarter net profit up 67% year on year to CNY6.93bn, slightly higher than a consensus forecast of CNY6.72bn yuan from 14 analysts polled by Thomson One.
SAIC said in January that it expected a more than 40% rise in 2011 net income on solid auto sales and a $4.4bn asset purchase from its state parent, Reuters noted.
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Full year 2011 net profit rose 23.4% to CNY20.22bn, Dow Jones reported.
Revenue rose 18.9% to CNY434.80bn. The Shanghai-based company had said earlier its vehicle sales last year rose 12.0% to 4.01m units.
