Telecom Equipment News
- Auto profits expected to slow
Date: 14-May-2007 Sources: (Shenzhen Daily)
CHINA'S top 16 automotive groups reported a 70 percent increase in first-quarter profits helped by brisk sales, but the pace is expected to slow due to price wars in the world's second-biggest vehicle market.
Post-tax profits totaled 12.8 billion yuan in the first three months of 2007, up 69.9 percent from a year ago, according to data provided by China Association of Automobile Manufacturers on Friday. SAIC Motor Co. Ltd., the biggest manufacturer by sales, posted profit growth of 71.9 percent, while profit from First Automotive Works Corp, the No 2, increased one-third. Zhu Yiping, an official from the auto association, said strong vehicle sales boosted by new model launches helped the profit surge.
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