SAIC Motor sees 2018 profits up 4.65%

BEIJING - Chinese automaker SAIC Motor Corporation Limited said Monday that its profits rose 4.65 percent last year despite a decline in the country's overall automobile sales.

Net profits attributable to shareholders reached 36 billion yuan ($5.36 billion) in 2018, according to the company's annual report filed to the Shanghai Stock Exchange.

The growth was slower than the 7.5 percent profit increase for 2017, as China's total auto sales reversed a rising trend for years with a 2.76 percent drop last year, according to data from the China Association of Automobile Manufacturers.

SAIC Motor sold 7.05 million vehicles in 2018, edging up 1.8 percent from 2017, the report said.

Total revenue rose 3.46 percent, while assets of the company rose 8.19 percent year-on-year.

SAIC Motor's shares in Shanghai rose 1.99 percent Monday.