SAIC Motor Corporation (600104) recorded a 306.3 percent year-on-year increase in first half net profit to 5.871 billion yuan, reports caing.com, according to a company filing. Earnings per share reached 0.689 yuan.
Operating revenue in the same period jumped 139.70 percent year-on-year to 147.62 billion yuan.
Auto sales in the first half hit 1.78 million vehicles, up 44.9 percent year-on-year.
According to a previously released report, sales of the company's brand of autos increased 99.4 percent year-on-year during the first half of the year to 80,000 vehicles.
SAIC Motor Corporation predicts that annual auto sales will hit 3 million vehicles.
In addition, the company spent 84.50 million dollars to increase its holdings in Shanghai General Motor from 50 percent to 51 percent during the first half of 2010.
Shares of SAIC Motor Corporation inched up 0.51 percent to 15.69 yuan at 11:27.
