SAIC Motor 2012 profits weaker than expected

China’s top automaker by sales the SAIC Motor posted Friday net profits of 20.75 billion yuan for last year, a moderate growth of 2.6% year on year, which was the slowest in four years.

Previously the market had expected the auto firm to see a year-on-year gain of 6% to 7% in net profits for 2012.

The company realized operating revenues of 478.4 billion yuan for 2012, a jump of 10.47% from the previous year, according to the company’s filing to the Shanghai Stock Exchange.

(Edited by Olivia, olivia@tireworld.com.cn)