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Guangzhou Automobile Group Q3 profit climbs 63.7% YOY

Guangzhou Automobile Group Co. Ltd. said its normalized net income for the third quarter was 31 fen per share, compared with the S&P Capital IQ consensus estimate of 35 fen per share.

EPS climbed 61.0% year over year from 19 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.03 billion yuan, an increase of 63.7% from 1.24 billion yuan in the year-earlier period.

The normalized profit margin increased to 12.0% from 9.6% in the year-earlier period.

Total revenue climbed 30.2% on an annual basis to 16.87 billion yuan from 12.96 billion yuan, and total operating expenses increased 26.8% from the prior-year period to 15.73 billion yuan from 12.41 billion yuan.

Reported net income increased 70.8% on an annual basis to 2.78 billion yuan, or 42 fen per share, from 1.63 billion yuan, or 25 fen per share.

As of Oct. 26, US$1 was equivalent to 6.63 yuan.