Shanghai Automotive Co., a leading automotive component maker in China, on Thursday said it is likely to register over 50% growth in net profit for the first three quarters of the year – it reports results on October 29, Dow Jones said.
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In a statement, Shanghai Automotive said lower production costs and increased productivity have resulted in stable revenue growth, Dow Jones said, and in the first half of the year, the company reported a consolidated net profit of 960.4 million yuan, up from CNY406.3 million a year ago.
The news agency said Shanghai Automotive supplies car parts to domestic vehicle manufacturers and its major customers are the Shanghai joint ventures of Volkswagen and General Motors, two of the top three sedan makers in China.
