Shanghai September 1 (Gasgoo.com) Guangzhou Automobile Group Co. (02238, HK), posted a net profit of 2.31 billion yuan ($339 million) for the first half, up 260% from 640 million yuan a year earlier, Hexun reported, according to a company filing.
In the same period, the company gained sales revenue of 28.9 billion yuan, up 39.8% from 20.9 billion yuan a year ago. Moreover, its gross margin increased to 18.3% from 16.6% last year.
Auto output and auto sales in the first half hit 341,200 vehicles and 348,700 vehicles, up 35.8% and 35.5%, respectively.
Sales of the company's passenger vehicles rose by 35.4% to 346,600 vehicles during the first half of 2010, with sales revenue reaching 28.2 billion yuan which accounts for 97.7% of the company's total sales revenue.
Guangzhou Auto produced 338,900 passenger vehicles in the first half, up 35.6% from a year earlier.
