Brilliance China Automotive has posted a 46.5% gain in profit for last year on the back of strong JV partner BMW’s sales in China.
Net profit for Brilliance was up to 3.37 billion yuan in 2013, up from 2.3 billion yuan in 2012.
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Revenue edged up 3.2% to 6.1 billion yuan.
The profit gain was driven by contributions from BMW Brilliance, the joint venture between Brilliance and BMW, which saw car sales up 28.5% to 206,729 units.
However, the joint venture’s profit contribution grew at a slower pace after posting a 60% rise in the first half as a result of increased costs associated with expansion of capacity.
The company is aiming for 30% growth in BMW sales this year and plans to launch two new car models.
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By GlobalData
