SAIC sees Q3 net profits down 42.67%

Shanghai, October 31 (Gasgoo.com) In a statement it released today, Shanghai Automobile Industry Corporation (SAIC) said its net profits declined by 42.67% year on year to 2.226 billion yuan ($32.63 million) in the third quarter, First Financial Daily reported.

But the auto giant said its financial assets and investment in real estate available for sale this year grew by 182.44% and 266.56%respectively over a year earlier.

However, despite the two large increases, SAIC suffered a book loss related to stocks of China Construction Bank and Bohai logistics by the end of the third quarter. The gross book value only totaled 21,002,400 million yuan from January to September, a loss of 4,829,300 yuan from its initial investment of 25,831,700 yuan.