China's SAIC Motor says 9-mth net soared 300 pct

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SHANGHAI, Oct 12 (Reuters) SAIC Motor <600104.SS>, China's largest car maker, estimated on Friday that net profit for the first nine months of this year soared at least 300 percent from a year earlier.

The jump was largely due to an injection of core assets from its parent group, which took effect two months before the end of last year. In the first nine months of 2006, SAIC Motor posted net profit of 825.18 million yuan (0.0 million).

The company is expected to report detailed third-quarter earnings late this month. Listed Chinese companies must release preliminary statements if they expect to report earnings swings of at least 50 percent.

Reuters DKS VP0602

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