China's biggest automaker SAIC posts six percent rise in H1 profit

SHANGHAI Thu Aug 29, 2013 5:36am EDT

A woman walks past the gate of SAIC Motor Corporation Limited in Shanghai January 26, 2013. REUTERS/Aly Song

A woman walks past the gate of SAIC Motor Corporation Limited in Shanghai January 26, 2013.

Credit: Reuters/Aly Song

SHANGHAI (Reuters) - China's largest automaker, SAIC Motor Corp (600104.SS), posted a 6 percent rise in first-half net profit, boosted by strong sales at its joint ventures with General Motors Co (GM.N) and Volkswagen AG (VOWG_p.DE).

SAIC made a net profit of 11.5 billion yuan ($1.88 billion) during the January-June period, compared with 10.78 billion yuan a year earlier, the Shanghai-based carmaker said in an exchange filing on Thursday.

SAIC sold 2.6 million vehicles during the first half, up 15 percent from the same period last year, outpacing industry growth of 12 percent.

SAIC partners with General Motors Co and Volkswagen in selling cars, mini-vehicles and vans in China, the world's biggest automobile market.

(This story corrects to delete extraneous words in second paragraph)

(Reporting by Samuel Shen and Kazunori Takada; Editing by Matt Driskill)