Shanghai Automotive Profits Quadruple
Submitted by Bill Belew on Monday, 9 July 2007No Comment
SHANGHAI Automotive Co saw first half profits more than quadruple…partly because assets acquired in a share sale allowed for a boost in sales.
Net income in the first half of this year was up more than 300% from last year – $71 million.
Shanghai Auto became China's biggest carmaker after it sold 19.1 billion yuan in stock for its parent company.
Detailed earnings will be made public on August 21st per Chinese law that requires official earnings releases if profit is likely to rise or fall by more than 50 percent.
Meanwhile…GM, FORD and DaimlerChrysler continue to restructure.
Why can car companies everywhere make money…well, mostly anyway…but American car companies cannot?
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