SAIC Motor H1 profits up 5.1%

BEIJING -- Leading domestic automaker SAIC Motor said Thursday its net profits rose 5.1 percent year-on-year to 10.8 billion yuan ($1.7 billion) in the first half, boosted by strong sales.

Gross revenues during the January-June period totaled 235.6 billion yuan, an increase of 10.1 percent year-on-year, SAIC said in a statement to the Shanghai Stock Exchange.

Its earnings per share in the first half hit 0.98 yuan, up 5.05 percent compared with the same period last year, it said.

In the first six months, SAIC sold 2.23 million automobiles, up 11.4 percent over the same period last year. The growth rate was 8.7 percentage points higher than the national average.

Headquartered in Shanghai, SAIC Motor Co is the largest automobile producer in China in terms of sales volume.