Gasgoo.com (Shanghai February 1) - China's largest automobile enterprise, SAIC Motor, announced yesterday that it anticipates its net profit in 2011 to have grown over 40 percent, 21st Century News Group reported today. SAIC attributes the rise to increased overall sales last year.
SAIC managed to earn 13.73 billion yuan ($2.08b) in net profit in 2010, with its stock value reaching 1.611 yuan ($0.244) per share. SAIC's results last year have yet to be confirmed by accountants, and will be revealed in its yearly performance report, which is scheduled to be released in early April.
SAIC attributes its strong performance to two major factors: firstly, the company managed to sell over four million vehicles last year, 12 percent higher than the amount sold in 2010; second was SAIC Motor's acquisition of services from parent company SAIC Group last year, which allowed the manufacturer to better streamline its operations.
