JAC leads Chinese manufacturers with profit growth of over 246%

Gasgoo.com (Shanghai April 6) - 2010 has seen the Chinese automobile industry grow leaps and bounds, as recently unveiled sales results from last year have proved. The vast majority of manufacturers saw net profit increases of over 60 percent in 2010, with Anhui-based JAC Motors taking the cake with a remarkable rise in net profit of over 246 percent.

SAIC Motor kept its place as China’s best-selling manufacturer, with total 2010 operating revenue reaching 313.4 billion yuan ($47.99b), an increase of over 125 percent from 2009. The manufacturer also returns from its stocks (600104) more than doubling, with an incoming profit of 13.73 billion yuan ($2.1b).

Dongfeng Motor Group, which has joint ventures with both PSA and Kia, saw its net profit increase from 6.25 billion yuan ($957m) to 10.98 billion yuan ($1.68b), a growth of 75.68 percent.

JAC Motors reported an operating revenue of 29.7 billion yuan ($4.55b), leading to stock returns of 1.16 billion yuan ($177.6m)–an increase of 246.35 percent.

Among other domestic manufacturers, Geely Automobiles’ financial performance was lacking, with profits only increasing 16 percent from 2009 to 2010, a total increase of 1.37 billion yuan ($210m). Export restrictions and other trade measures were the primary reason behind Geely’s limited sales increase.