Bloomberg News

Great Wall Motor Third-Quarter Profit Rises 29%

October 28, 2011

(Corrects year-earlier figure in second paragraph.)

Oct. 28 (Bloomberg) -- Great Wall Motor Co., China’s biggest maker of pick-up truck and sport utility vehicle, said profit rose 29 percent in the third quarter on surging demand for its automobiles.

Net income was 739 million yuan ($116 million), or 0.27 yuan a share, compared with 572 million yuan, or 0.21 yuan a share, a year earlier, according to a company statement to the Hong Kong stock exchange today.

Great Wall’s car sales jumped 35 percent this year through September, almost six times the pace of industrywide growth, on popularity of its Voleex brand cars. The automaker sold a total of 114,725 Voleex cars during the period, more than four times the number delivered a year earlier, according to data from the China Association of Automobile Manufacturers. Total revenue in the three months to Sept. 30 was 7.18 billion yuan, the company said in today’s statement.

Great Wall, based in Baoding, Hebei province, rose 2.1 percent to HK$10.50 in Hong Kong trading today before the announcement. The stock has risen 9.4 percent this year, compared with a 13 percent decline in the benchmark Hang Seng Index.

--Tian Ying, with assistance from Liza Lin. Editor: Chua Kong Ho, Linus Chua

To contact Bloomberg News staff for this story: Tian Ying in Beijing at ytian@bloomberg.net

To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net


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