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Great Wall Motor Q3 profit falls YOY

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Great Wall Motor Q3 profit falls YOY

Great Wall Motor Co. Ltd. said its third-quarter normalized net income was 3 fen per share, a decline of 82.0% from 19 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 313.5 million yuan, a decrease of 82.0% from 1.75 billion yuan in the year-earlier period.

The normalized profit margin dropped to 1.4% from 8.0% in the year-earlier period.

Total revenue grew on an annual basis to 22.17 billion yuan from 21.78 billion yuan, and total operating expenses increased 13.8% year over year to 21.67 billion yuan from 19.05 billion yuan.

Reported net income decreased 79.9% on an annual basis to 459.7 million yuan, or 5 fen per share, from 2.28 billion yuan, or 25 fen per share.

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