SHANGHAI Automotive Co (stock code:600104) said first-half profit more than quadrupled after assets acquired in a share sale allowed it to boost sales, Bloomberg News reported today.

Net income in the first six months increased "more than 300 percent" from the year-earlier half, the Shanghai-based company said today in a statement posted on the Website of the Shanghai stock exchange. Net income in the first half of 2006 was 541 million yuan (US$71 million), or 0.17 yuan a share, it said.

Shanghai Auto became China's biggest carmaker after it sold 19.1 billion yuan in stock for parent SAIC Corp's stakes in ventures with General Motors Corp and Volkswagen AG. The assets buoyed profit by boosting the company's sales, branding and international business, today's statement said.

Shanghai Auto will release detailed earnings on August 21. China's publicly traded companies are required to issue a notice before their official earnings release if profit is likely to rise or fall by more than 50 percent.

The company's shares rose 4.5 percent yesterday to 18.29 yuan each, valuing the company at 120 billion yuan. The stock has more than doubled this year.