Cars

SAIC Motor Q1 net profit quadruples to record high

(Agencies)
Updated: 2010-04-29 15:23
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SHANGHAI: SAIC Motor Corp, China's biggest automaker, posted a more than quadrupling in first-quarter net profit, as government policy incentives helped drive strong growth in car sales in the world's biggest auto market.

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SAIC, which runs car manufacturing ventures with General Motors and Volkswagen, booked a January-March net profit of 2.88 billion yuan, its biggest quarterly earnings ever.

The result was largely in line with an average forecast of 3.1 billion yuan from three analysts surveyed by Reuters.

SAIC said earlier this month its first-quarter profit had more than quadrupled from the 626.9 million yuan in the same quarter last year.
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