SAIC Motor 2009 net up 905 pct on robust auto sales

SHANGHAI, April 1 (BestGrowthStock) – SAIC Motor Corp (600104.SS: ),
China’s biggest automaker, said on Thursday its 2009 net profit
jumped 904.6 percent, beating market expectations, after
Beijing’s stimulus measures spurred a surge in the world’s
largest auto market.

SAIC, which runs car manufacturing ventures with General
Motors [GM.N] and Volkswagen (VOWG.DE: ), said it booked 6.59
billion yuan ($965.6 million) in net profit last year, compared
with 656.17 million yuan a year earlier.

The full-year results compared with an average forecast of
6.17 billion yuan from seven analysts polled by Thomson Reuters
I/B/E/S.

Net profit for the fourth quarter was 2.62 billion yuan,
according to Reuters calculations based on nine-month results
reported in October.

The Shanghai-based automaker had in January projected a more
than 900 percent jump in 2009 net profit, propelled by a 57
percent increase in vehicle sales.

Shares in SAIC rose 3.1 percent on Thursday ahead of the
results. They fell about 19 percent in the first quarter,
underperforming the Shanghai Composite Index (.SSEC: ), which lost
around 5 percent.

Stock Market Report

(Reporting by Fang Yan and Jacqueline Wong; Editing by Lincoln
Feast)

SAIC Motor 2009 net up 905 pct on robust auto sales