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Great Wall Motor profit misses consensus by 23.7% in Q1

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Great Wall Motor profit misses consensus by 23.7% in Q1

Great Wall Motor Co. Ltd. said its normalized net income for the first quarter came to 21 fen per share, compared with the S&P Capital IQ consensus estimate of 28 fen per share.

EPS increased 25.7% year over year from 17 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.93 billion yuan, a gain of 25.7% from 1.53 billion yuan in the year-earlier period.

The normalized profit margin dropped to 10.1% from 10.4% in the year-earlier period.

Total revenue grew 31.2% on an annual basis to 19.34 billion yuan from 14.74 billion yuan, and total operating expenses grew 31.8% from the prior-year period to 16.26 billion yuan from 12.34 billion yuan.

Reported net income grew 26.5% year over year to 2.54 billion yuan, or 28 fen per share, from 2.01 billion yuan, or 22 fen per share.

As of April 17, US$1 was equivalent to 6.20 yuan.