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SAIC Motor profit misses consensus by 52.1% in Q2

SAIC Motor Corp. Ltd said its normalized net income for the second quarter came to 33 fen per share, compared with the S&P Capital IQ consensus estimate of 69 fen per share.

EPS decreased year over year from 34 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.64 billion yuan, a decrease from 3.79 billion yuan in the prior-year period.

The normalized profit margin increased to 2.8% from 2.5% in the year-earlier period.

Total revenue totaled 152.01 billion yuan, compared with 150.72 billion yuan in the prior-year period, and total operating expenses came to 149.17 billion yuan, compared with 148.42 billion yuan in the prior-year period.

Reported net income rose from the prior-year period to 6.70 billion yuan, or 61 fen per share, from 6.59 billion yuan, or 60 fen per share.

As of Aug. 27, US$1 was equivalent to 6.41 yuan.