Guangzhou Auto H1 profit hits 6.3 bln yuan

Shanghai, August 7 (Gasgoo.com) Despite a generous market downturn, Guangzhou Automotive Group saw its total profit over 6.3 billion yuan ($917 million) in the first half of 2008 , with a 10% rise year on year and sales revenue ranked fourth of China automakers, Shanghai Securities reported.

In the six-month period, the group sold 252,180 units of its 260,183 units output, with passenger vehicles sales reaching 259,099 of total production of 250,790 units. Its sales hit 54.667 billion yuan, representing a total profit at 6.368 billion yuan and profit and tax totaling 11.3 billion yuan.

Compared to other domestic automakers, Guangzhou Auto has showed much low vehicle stockpiles both in 2007 and 2008, possibly because most of its sales-oriented Japanese joint-venture made a good control of production and sales ratio.

Besides, Guangzhou Auto also enjoyed a rising export. The group exported 24,400 units abroad in the first half, ranking the top 5 of Chinese automakers, according to China Association of Automobile Manufacturers.

Guangzhou Auto aims to sell 607,400 units in 2008, with an 18.16% rise year on year(y/y). Sales and production goal of the motorcycles are at 1 million respectively, a 12% rise y/y.