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Guangzhou Automobile Group profit misses consensus by 17.7% in Q2

Guangzhou Automobile Group Co. Ltd. said its second-quarter normalized net income was 11 fen per share, compared with the S&P Capital IQ consensus estimate of 13 fen per share.

EPS rose 17.9% year over year from 9 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 678.3 million yuan, an increase of 19.7% from 566.6 million yuan in the prior-year period.

The normalized profit margin increased to 13.0% from 9.4% in the year-earlier period.

Total revenue totaled 6.05 billion yuan, compared with 6.02 billion yuan in the year-earlier period, and total operating expenses climbed from the prior-year period to 6.22 billion yuan from 6.10 billion yuan.

Reported net income grew 39.3% on an annual basis to 1.22 billion yuan, or 19 fen per share, from 875.9 million yuan, or 14 fen per share.

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