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Great Wall Motor profit misses consensus by 35.7% in Q3

Great Wall Motor Co. Ltd. said its normalized net income for the third quarter amounted to 12 fen per share, compared with the S&P Capital IQ consensus estimate of 18 fen per share.

EPS decreased 17.3% year over year from 14 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.06 billion yuan, a decline of 17.3% from 1.28 billion yuan in the year-earlier period.

The normalized profit margin declined to 7.5% from 9.1% in the year-earlier period.

Total revenue climbed 10.3% year over year to 15.51 billion yuan from 14.06 billion yuan, and total operating expenses climbed 14.8% from the prior-year period to 13.83 billion yuan from 12.05 billion yuan.

Reported net income fell 8.6% from the prior-year period to 1.49 billion yuan, or 16 fen per share, from 1.63 billion yuan, or 18 fen per share.

As of Oct. 23, US$1 was equivalent to 6.35 yuan.