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SAIC Motor profit misses consensus by 25.3% in Q3

SAIC Motor Corp. Ltd said its normalized net income for the third quarter came to 44 fen per share, compared with the S&P Capital IQ consensus estimate of 59 fen per share.

EPS climbed 11.2% year over year from 39 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.82 billion yuan, a gain of 11.3% from 4.33 billion yuan in the year-earlier period.

The normalized profit margin climbed to 3.2% from 2.9% in the year-earlier period.

Total revenue came to 150.17 billion yuan, compared with 150.31 billion yuan in the prior-year period, and total operating expenses declined from the prior-year period to 145.45 billion yuan from 147.16 billion yuan.

Reported net income increased on an annual basis to 7.10 billion yuan, or 64 fen per share, from 6.84 billion yuan, or 62 fen per share.

As of Oct. 29, US$1 was equivalent to 6.36 yuan.