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China Daily Website

SAIC profit misses estimates, GM growth stalls

Updated: 2013-03-29 15:38
( China Daily)

SAIC Motor Corp, China's largest automaker, reported full-year profit that missed analysts' estimates after earnings growth stalled at its venture with General Motors Co.

Net income increased 2.6 percent to 20.8 billion yuan ($3.3 billion) last year, SAIC, which has joint ventures with GM and Volkswagen AG, said in a statement on Thursday.

That missed the 22 billion yuan average of nine analyst estimates compiled by Bloomberg. Sales gained 10 percent to 478.4 billion yuan, also missing estimates. GM, the biggest foreign automaker in China, saw profit in the country fall 0.2 percent in 2012, after 14 percent growth the previous year.