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Guangzhou Automobile Group profit misses consensus by 16.6% in Q3

Guangzhou Automobile Group Co. Ltd. said its normalized net income for the third quarter amounted to 10 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS increased 82.5% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 635.1 million yuan, a gain of 69.3% from 375.2 million yuan in the prior-year period.

The normalized profit margin rose to 8.6% from 7.7% in the year-earlier period.

Total revenue increased 53.8% on an annual basis to 7.50 billion yuan from 4.88 billion yuan, and total operating expenses increased 49.7% from the prior-year period to 7.67 billion yuan from 5.12 billion yuan.

Reported net income grew 73.9% on an annual basis to 951.6 million yuan, or 15 fen per share, from 547.1 million yuan, or 8 fen per share.

As of Oct. 30, US$1 was equivalent to 6.32 yuan.