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Guangzhou Automobile Group Q1 profit climbs 95.7% YOY

Guangzhou Automobile Group Co. Ltd. said its first-quarter normalized net income came to 40 fen per share, compared with the S&P Capital IQ consensus estimate of 35 fen per share.

EPS rose 97.0% year over year from 20 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.64 billion yuan, a gain of 95.7% from 1.35 billion yuan in the prior-year period.

The normalized profit margin climbed to 15.6% from 13.3% in the year-earlier period.

Total revenue climbed 66.4% on an annual basis to 16.88 billion yuan from 10.14 billion yuan, and total operating expenses grew 61.0% from the prior-year period to 14.98 billion yuan from 9.30 billion yuan.

Reported net income rose 98.7% on an annual basis to 3.83 billion yuan, or 58 fen per share, from 1.93 billion yuan, or 29 fen per share.

As of April 28, US$1 was equivalent to 6.90 yuan.