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SEOUL, July 31 (Reuters) - Daewoo Motor Sales Co , the marketing arm of South Korea's third largest automaker, Daewoo Motor Co, said it expects first half net profit of around 50 billion won ($42.44 million) up from about 22 billion won a year ago.
In April, General Motors Corp agreed to invest $251 million into a joint venture with Daewoo Motor creditors, which will give the world's largest automaker a 42.1 percent stake -- the largest -- while its business partners will hold 24.9 percent.
First half operating profit at Daewoo Motor Sales rose to 58.2 billion won from 16.1 billion won a year ago, Daewoo Motor Sales spokesman Kim Ki-ho told Reuters on Wednesday, confirming preliminary data provided by the regulatory Financial Supervisory Service (FSS).
"Restructuring measures, including a switch to a performance-based wage system for sales staff and brisk sales of the new Kalos (compact passenger car) contributed to the increase," Kim said. Sales rose to 1.8 trillion won from 1.6 trillion won over the same period, Kim said.
"An improved image due to GM's acquisition of Daewoo Motor's assets also contributed to the increased profit," he said.
Shares of Daewoo Motor Sales were down 0.55 percent at 7,230 won at 0259 GMT, after falling more than 1.5 percent in earlier trade. The broader stock market index was down 0.39 percent.
The GM-Daewoo joint venture, to be launched later this year, consists of two of Daewoo Motor's South Korean plants, one in Vietnam and a number of units in Western Europe and one in Puerto Rico, most of them being sales units.
Japan's top minivehicle maker, Suzuki Motor Corp , said last month it would take a 14.9 percent stake in the joint venture, paying $89 million for the holding.
GM owns 20 percent of Suzuki.
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