CHINA: Shanghai Automotive Q2 net profit up 115% – report
Shanghai Automotive Co Ltd, which owns 20% of General Motors’ Shanghai car plant, said on Thursday second-quarter net profit soared 115.3% to 652.91 million yuan ($US78.9 million), Reuters reported. Shanghai Auto, which mainly makes vehicle spare parts, attributed the rise to China's booming car sector, in which output doubled to 903,400 units in the first half of this year, Reuters added.
Shanghai Automotive Co Ltd, which owns 20% of General Motors’ Shanghai car plant, said on Thursday second-quarter net profit soared 115.3% to 652.91 million yuan ($US78.9 million), Reuters reported.
Shanghai Auto, which mainly makes vehicle spare parts, attributed the rise to China’s booming car sector, in which output doubled to 903,400 units in the first half of this year, Reuters added.
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