China's SAIC Motor sees 4 pct profit rise in Q1 despite slowing sales

BEIJING, April 28 (Reuters) - SAIC Motor Corp Ltd

, China's biggest automaker, reported on Friday a 4.1

percent rise in net profit for the first quarter compared to the

same period last year, despite slowing sales and the roll back

of a government tax incentive.

The Shanghai-based automaker, which has joint ventures with

Volkswagen AG and General Motors Co in

addition to making its own brands of vehicles, posted a net

profit of 8.26 billion yuan ($145.03 million), according to

stock exchange filings.

SAIC's revenue rose 6 percent to 196.3 billion yuan from a

year earlier. Its vehicle sales rose 3 percent for the quarter.

($1 = 6.8950 Chinese yuan renminbi)

(Reporting by Muyu Xu and Jake Spring; Editing by Randy Fabi)