SHANGHAI, April 30 (Xinhua) -- Chinese automaker SAIC Motor Corporation Limited reported a 15 percent drop in first-quarter net profit following a vehicle sales decline.
Net profit for the January-March was 8.25 billion yuan (1.2 billion U.S. dollars), compared to 9.71 billion yuan a year earlier, said SAIC Motor, partners of General Motors and Volkswagen, in a filing to the Shanghai Stock Exchange.
Meanwhile, SAIC Motor generated a total revenue of 200.2 billion yuan, down 16.2 percent year-on-year.
The declines in revenue and profit came after the country's automobile industry experienced weaker market demand.
China's auto market remained sluggish in the January-March period, with sales down 11.3 percent year-on-year to 6.37 million units, according to the China Association of Automobile Manufacturers.
SAIC Motor sold about 1.53 million vehicles during the period, down 15.9 percent from a year earlier.