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Jiangling Motors profit misses consensus by 33.3% in Q1

Jiangling Motors Corp. Ltd. said its normalized net income for the first quarter amounted to 51 fen per share, compared with the S&P Capital IQ consensus estimate of 76 fen per share.

In the prior-year period, the per-share result was a profit of 50 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 434.3 million yuan, compared with 437.5 million yuan in the prior-year period.

The normalized profit margin dropped to 7.1% from 7.4% in the year-earlier period.

Total revenue rose on an annual basis to 6.14 billion yuan from 5.95 billion yuan, and total operating expenses climbed from the prior-year period to 5.52 billion yuan from 5.31 billion yuan.

Reported net income fell year over year to 574.0 million yuan, or 67 fen per share, from 598.6 million yuan, or 69 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.