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Beijing WKW Automotive Parts Q3 profit falls YOY

Beijing WKW Automotive Parts Co. Ltd. said its third-quarter normalized net income was 4 fen per share, a decline of 25.6% from 5 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 61.1 million yuan, a decrease of 21.7% from 78.0 million yuan in the year-earlier period.

The normalized profit margin fell to 5.1% from 9.5% in the year-earlier period.

Total revenue climbed 46.8% on an annual basis to 1.20 billion yuan from 819.2 million yuan, and total operating expenses rose 47.7% from the prior-year period to 1.03 billion yuan from 694.2 million yuan.

Reported net income declined 35.2% year over year to 63.6 million yuan, or 4 fen per share, from 98.2 million yuan, or 7 fen per share.

As of Oct. 21, US$1 was equivalent to 6.77 yuan.