Net profit of Shanghai Automotive Industry Corporation up 47% in Q1

A quarterly report of the Shanghai Automotive Industry Corporation said its net profit grew 47 percent year on year to 223 million yuan (27.9 million U.S. dollars) in the first quarter of this year.

According to the report published recently, company's business income amounted to 2 billion yuan (1.25 billion U.S. dollars) during the period, up 39 percent from the same period of 2005.

The Shanghai Automotive Industry Corporation was among China's top 10 motor producers, which were chosen by the China Association of Automobile Manufacturers based on their sales performance in 2005.

The top three are the China FAW Group, the Shanghai Automotive Industry Corporation and the Dongfeng Motor Corporation, which sold 983,100 cars, 917,500 cars and 729,000 cars in 2005 respectively.

The 10 companies account for over 80 percent of China's auto output in 2005.

Source: Xinhua