USEUROPEAFRICAASIA 中文双语Français
Home / Youth

SAIC net income dips 26%

China Daily | Updated: 2009-08-28 08:13

SAIC Motor Corp, China's largest domestic automaker, said first-half profit fell 26 percent after 1.18 billion yuan ($173 million) of write-offs eroded gains from surging sales of General Motors Co and Volkswagen AG cars.

Net income declined to 1.45 billion yuan from 1.97 billion yuan, the Shanghai-based automaker said in a statement to the city's stock exchange yesterday. Sales rose 6.9 percent to 61.6 billion yuan.

The automaker booked write-offs after Korean unit Ssangyong Motor Co entered receivership on tumbling sales of sport-utility vehicles. The loss eroded the benefit of a 24 percent surge in vehicles sales caused by Chinese tax cuts, government subsidies and economic growth.

SAIC net income dips 26%

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US