Industry News
Shanghai Automotive improves interim profit
7th August 2006
Shanghai Automotive Co Ltd, the listed subsidiary of Shanghai Automotive Industry Corporation (SAIC), China's second-largest vehicle manufacturer, which is preparing to launch an extended wheelbase version of the Rover 75, has reported a 14% increase in net profit in the first six months of this year.
Shanghai Auto achieved a net profit of 540 million yuan (US$67 million) in the half-year to end June, on revenue of 4.4 billion yuan, which was up 54.4% from a year earlier.
In July Shanghai Auto announced that it planned to buy 20 billion yuan-worth of assets from its parent, SAIC.
(Shanghai Daily, 5 August)
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