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Bitauto swings to loss in Q1

Bitauto Holdings Ltd. said its first-quarter normalized net income came to a loss of 87 fen per share, compared with the S&P Capital IQ consensus estimate of 79 fen per share.

The per-share result swung to a loss from the prior-year profit of 94 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 52.9 million yuan, compared with income of 47.8 million yuan in the year-earlier period.

The normalized profit margin declined to negative 7.6% from 6.5% in the year-earlier period.

Total revenue increased 46.3% year over year to 1.08 billion yuan from 740.5 million yuan, and total operating expenses grew 53.9% year over year to 1.16 billion yuan from 754.3 million yuan.

Reported net income came to a loss of 108.2 million yuan, or a loss of 1.78 yuan per share, compared to income of 60.5 million yuan, or 1.19 yuan per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 6.51 yuan.