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SAIC Motor profit misses consensus by 41.2% in Q1

SAIC Motor Corp. Ltd said its first-quarter normalized net income was 43 fen per share, compared with the S&P Capital IQ consensus estimate of 73 fen per share.

EPS climbed 6.4% year over year from 40 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.70 billion yuan, a gain of 6.5% from 4.41 billion yuan in the prior-year period.

The normalized profit margin climbed to 2.8% from 2.6% in the year-earlier period.

Total revenue totaled 167.91 billion yuan, compared with 167.58 billion yuan in the prior-year period, and total operating expenses totaled 163.39 billion yuan, compared with 162.45 billion yuan in the prior-year period.

Reported net income grew 7.0% on an annual basis to 7.47 billion yuan, or 68 fen per share, from 6.98 billion yuan, or 63 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.