Guangzhou Automobile Group (GAC) saw its net profit surge 73.9% on the year in the quarter through September, helped by its JV operations.
Quarterly net profit reached 951 million yuan (around US$150 million) on sales of 7.5 billion yuan, up 53.8%. The company said that the Honda sport utility vehicle Vezel was among the top sellers. SUVs have been strong sellers in China’s car market. GAC managed its profit and revenue boost in spite of some slowdown to the market this year and reports of slack demand and discounting.
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For the nine months to the end of September GAC reported net profit of 18.9% to 2.7 billion yuan on sales of 18.9 billion yuan, up 21.2% over the same period last year.
