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China's Great Wall Motor posts profit surge on Russia business

SUV maker records gains as Western rivals wind down operations

HONG KONG -- Great Wall Motor, the largest Chinese SUV maker, has reported 59% year-on-year growth in net profit for the first six months of this year, owing to its operations in Russia, where Western competitors are winding down their presence since the Ukraine invasion.

The automaker's first-half net profit of 5.60 billion yuan ($812 million) marked a sharp increase from 3.52 billion yuan a year ago. But that profit figure shrinks to just 2.05 billion yuan after removing nonrecurring gains, which jumped by 5.2 times to 3.54 billion yuan.

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