By Martin Mou
Zhongsheng Group Holdings Ltd. said Monday its first-half net profit rose 10% from a year earlier, partly due to stronger contributions from value-added services.
The Chinese car dealer's net profit for the period came in at 2.29 billion yuan ($328.7 million), while revenue ticked up 1.4% to CNY58.20 billion.
While sales of new cars for the first six months decreased by 7.8% due to the Covid-19 pandemic, Zhongsheng said its income from value-added services grew 8.0% to CNY1.31 billion.
Zhongsheng, a major distributor of luxury cars, said Chinese consumers' demand for upgrades could drive sales of high-end vehicles as the pandemic eases.
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