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Great Wall Motor Q2 profit falls YOY

Great Wall Motor Co. Ltd. said its second-quarter normalized net income was 3 fen per share, a decrease of 85.2% from 20 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 267.4 million yuan, a decline of 85.2% from 1.81 billion yuan in the prior-year period.

The normalized profit margin declined to 1.5% from 8.7% in the year-earlier period.

Total revenue declined 13.7% year over year to 17.94 billion yuan from 20.79 billion yuan, and total operating expenses fell year over year to 17.50 billion yuan from 17.86 billion yuan.

Reported net income decreased 81.6% on an annual basis to 465.1 million yuan, or 5 fen per share, from 2.53 billion yuan, or 28 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.