SAIC predicts a 300% growth in Q3 net profit

The automaker said that this was largely due to the injection of assets by its parent company during the final two months of 2006. A more detailed financial statement will be released later this month.

Earlier this month, SAIC was reported to have sold 1.23 million vehicles in the first nine months this year, up 25.8 percent from one year earlier, and it may be able to produce and sell 1.5 mln vehicles this year, said the automaker.

According to Chinese rules, automakers must preliminarily report earnings if it expects growth of greater than 50% y/y. Last year SAIC Motor reported net profits of 825.18 million yuan (US$110.1 million).