SHANGHAI — Shanghai Automotive Industry Corp. says the company profited in 1999 from its interests in auto-partsmakers and joint-venture ShanghaiCo. Ltd.
The automaking JV's turnover, excluding sales tax, reached RMB6 billion (US$725 million) for the year.
Shanghai Auto in May 1999 also acquired a 50% holding in Shanghai Koito Automotive Lamp Co. Ltd., 49% ofShanghai Steering Co. Ltd., 50% of Shanghai Steering Co. Ltd. and 50% of Shanghai Automotive Brake System Co. Ltd.
The company reportedly projects thatShanghai will record a net profit of RMB120 million (US$14.5 million); Shanghai Koito, RMB70 million (US$8.4 million); and Shanghai Brake, RMB67 million (US$8.1 million).