China's biggest automaker SAIC posts 23 pct rise in Q3 profit
SHANGHAI Oct 30 (Reuters) - SAIC Motor Corp, China's biggest automaker, slightly beat expectations with a 23 percent rise in third-quarter profit helped by robust sales at its joint ventures with General Motors Co and Volkswagen AG.
Based on the company's first-half earnings, third-quarter profit came in at 6.5 billion yuan ($1.07 billion), up 23 percent from a year earlier. Three analysts polled by Reuters had forecast a profit of 5.4 billion yuan.
SAIC made a net profit of 18 billion yuan ($2.96 billion)during the January-September period, compared with 16.1 billion yuan during the same period last year, the Shanghai-based carmaker said in an exchange filing.
SAIC sold 3.8 million vehicles during the first nine months of the year, up 15 percent from the same period last year, outpacing industry growth of 12.7 percent.
SAIC partners with General Motors Co and Volkswagen in selling cars, mini-vehicles and vans in China, the world's biggest automobile market.
($1 = 6.1202 Chinese yuan)
(Reporting by Samuel Shen and Kazunori Takada; Editing by Matt Driskill)