Brilliance China Automotive said its 2013 net profit rose 46.6 per cent to 3.37 billion yuan (US$540 million) on the back of strong car sales by its joint venture with BMW, the South China Morning Post reported Friday. The growth was in line with market consensus. Revenue grew 3.2 per cent to 6.1 billion yuan, boosted mainly by sales of minibuses and vehicle components, while cost of sales went up 3.8 per cent to 5.4 billion yuan, the report said, citing a Hong Kong stock exchange filing. Profit from the joint venture rose 47.7 per cent to 3.4 billion yuan, with car sales up 28.5 per cent to 206,729 units. The venture launched the latest BMW 5 Series model and the 3 Series in the second half last year. However, the venture’s contribution grew at a slower pace, after posting a 60 per cent rise in the first half, as a result of increased costs to expand capacity in the fourth quarter, analysts said.
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