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Chongqing Changan Automobile profit misses consensus by 48.9% in Q1

Chongqing Changan Automobile Co. Ltd. said its normalized net income for the first quarter was 33 fen per share, compared with the S&P Capital IQ consensus estimate of 64 fen per share.

EPS rose 27.7% year over year from 26 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.54 billion yuan, a gain of 27.8% from 1.21 billion yuan in the prior-year period.

The normalized profit margin declined to 9.0% from 9.9% in the year-earlier period.

Total revenue grew 49.3% year over year to 18.20 billion yuan from 12.19 billion yuan, and total operating expenses grew 46.9% year over year to 18.12 billion yuan from 12.33 billion yuan.

Reported net income rose 29.4% from the prior-year period to 2.49 billion yuan, or 53 fen per share, from 1.93 billion yuan, or 41 fen per share.

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