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Great Wall Motor Q2 profit climbs 12.4% YOY

Great Wall Motor Co. Ltd. said its normalized net income for the second quarter amounted to 17 fen per share, a gain of 12.4% from 15 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 1.58 billion yuan, an increase of 12.4% from 1.41 billion yuan in the prior-year period.

The normalized profit margin declined to 8.7% from 10.2% in the year-earlier period.

Total revenue climbed 29.1% on an annual basis to 17.81 billion yuan from 13.79 billion yuan, and total operating expenses grew 30.9% year over year to 15.09 billion yuan from 11.53 billion yuan.

Reported net income grew 11.9% from the prior-year period to 2.18 billion yuan, or 24 fen per share, from 1.95 billion yuan, or 21 fen per share.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.