SAIC Motor : 3Q Net Profit Rose 17% as Recovery Continued

By Martin Mou

SAIC Motor Corp.'s third-quarter net profit rose sharply from a year earlier as auto sales in China continued to recover from the Covid-19 pandemic.

Net profit increased 17% to 8.25 billion yuan ($1.23 billion), while revenue grew to CNY214.92 billion from CNY209.05 billion in the year-ago period, the Chinese car maker said.

For the first nine months of the year, SAIC's net profit fell 20% to CNY16.65 billion and revenue declined 15% to CNY498.66 billion, mainly reflecting the sales slump in the first quarter, when the pandemic peaked in China.

SAIC, China's largest auto maker by sales in 2019, recorded a 32% rise in net profit in the second quarter.

Write to Martin Mou at [e-mail]

(END) Dow Jones Newswires

10-30-20 0414ET