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China's SAIC Motor tips 900% jump in 2009 profit
HONG KONG (MarketWatch) -- China's largest automobile manufacturer by sales, SAIC Motor Corp., said Wednesday it expects to post 10 times as much net profit in 2009 as it did in the previous year on the back of a robust jump in sales.
The passenger car and commercial vehicle maker said it expected an increase of more than 900% in 2009 net profit after a 57% jump in vehicle sales to 2.72 million units during the year, according to a filing with the Shanghai Stock Exchange.
SAIC, which operates joint ventures with General Motors Co. and Volkswagen AG (VLKA.Y 21.70, +0.05, +0.23%) , said earnings per share was expected above 1 yuan in 2009, up from about 0.1 yuan in 2008. That compares with analysts' median estimate of 0.93 yuan a share, according to FactSet Research.
The company's strong sales growth in 2009 was aided by government incentives to new car buyers aimed at boosting domestic consumption in the face of the global economic downturn.
However, SAIC (CN:600104 25.24, -0.41, -1.60%) shares were down 2% by mid-morning in a choppy trading session in Shanghai Wednesday, giving up early gains in spite of the performance.
dacare This entry was posted on January 7th, 2010 at 04:01:12 am by dacare and is filed under Manufacturing & Industry.