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China's SAIC Motor sees 4 pct profit rise in Q1 despite slowing sales
April 28, 2017 / 9:48 AM / in 3 months

China's SAIC Motor sees 4 pct profit rise in Q1 despite slowing sales

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BEIJING, April 28 (Reuters) - SAIC Motor Corp Ltd , China's biggest automaker, reported on Friday a 4.1 percent rise in net profit for the first quarter compared to the same period last year, despite slowing sales and the roll back of a government tax incentive.

The Shanghai-based automaker, which has joint ventures with Volkswagen AG and General Motors Co in addition to making its own brands of vehicles, posted a net profit of 8.26 billion yuan ($145.03 million), according to stock exchange filings.

SAIC's revenue rose 6 percent to 196.3 billion yuan from a year earlier. Its vehicle sales rose 3 percent for the quarter.

$1 = 6.8950 Chinese yuan renminbi Reporting by Muyu Xu and Jake Spring; Editing by Randy Fabi

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