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Tianjin FAW Xiali Automobile Q1 loss widens 40.0% YOY

Tianjin FAW Xiali Automobile Co. Ltd. said its normalized net income for the first quarter was a loss of 11 fen per share, compared with a loss of 8 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 171.9 million yuan, compared with a loss of 122.8 million yuan in the prior-year period.

The normalized profit margin dropped to negative 13.7% from negative 13.6% in the year-earlier period.

Total revenue climbed 29.7% year over year to 1.17 billion yuan from 901.6 million yuan, and total operating expenses increased 23.2% on an annual basis to 1.49 billion yuan from 1.21 billion yuan.

Reported net income totaled a loss of 257.2 million yuan, or a loss of 16 fen per share, compared to a loss of 201.9 million yuan, or a loss of 13 fen per share, in the year-earlier period.

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