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Tianjin FAW Xiali Automobile Q3 loss narrows YOY

Tianjin Faw Xiali Automobile Co.Ltd. said its normalized net income for the third quarter came to a loss of 12 fen per share, compared with a loss of 12 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 191.7 million yuan, compared with a loss of 197.7 million yuan in the year-earlier period.

The normalized profit margin declined to negative 40.8% from negative 32.1% in the year-earlier period.

Total revenue decreased 23.7% on an annual basis to 469.5 million yuan from 615.3 million yuan, and total operating expenses decreased 14.9% on an annual basis to 861.5 million yuan from 1.01 billion yuan.

Reported net income totaled a loss of 306.5 million yuan, or a loss of 19 fen per share, compared to a loss of 316.6 million yuan, or a loss of 20 fen per share, in the prior-year period.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.