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Faw Car profit misses consensus by 85.6% in Q1

Faw Car Co. Ltd. said its first-quarter normalized net income amounted to 6 fen per share, compared with the S&P Capital IQ consensus estimate of 39 fen per share.

EPS decreased 57.8% year over year from 13 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 91.0 million yuan, a decline of 57.8% from 215.7 million yuan in the year-earlier period.

The normalized profit margin fell to 1.3% from 2.7% in the year-earlier period.

Total revenue declined 10.0% year over year to 7.19 billion yuan from 7.99 billion yuan, and total operating expenses decreased 9.4% from the prior-year period to 7.05 billion yuan from 7.78 billion yuan.

Reported net income fell 48.1% from the prior-year period to 137.7 million yuan, or 8 fen per share, from 265.5 million yuan, or 16 fen per share.

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