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SAIC Motor Q2 profit falls YOY

SAIC Motor Corp. Ltd said its second-quarter normalized net income was 37 fen per share, a decline from 38 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.10 billion yuan, a decline from 4.19 billion yuan in the year-earlier period.

The normalized profit margin declined to 2.7% from 2.8% in the year-earlier period.

Total revenue rose 7.8% on an annual basis to 163.83 billion yuan from 152.01 billion yuan, and total operating expenses climbed 8.1% year over year to 160.58 billion yuan from 148.56 billion yuan.

Reported net income grew 6.4% from the prior-year period to 7.12 billion yuan, or 65 fen per share, from 6.70 billion yuan, or 61 fen per share.

As of Aug. 24, US$1 was equivalent to 6.66 yuan.