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Guangzhou Automobile Group Q2 profit climbs 91.8% YOY

Guangzhou Automobile Group Co. Ltd. said its normalized net income for the second quarter came to 23 fen per share, compared with the S&P Capital IQ consensus estimate of 27 fen per share.

EPS rose 89.4% year over year from 12 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.51 billion yuan, a gain of 91.8% from 785.3 million yuan in the year-earlier period.

The normalized profit margin rose to 13.5% from 13.0% in the year-earlier period.

Total revenue increased 86.4% year over year to 11.28 billion yuan from 6.05 billion yuan, and total operating expenses climbed 70.2% year over year to 10.58 billion yuan from 6.22 billion yuan.

Reported net income increased 68.4% from the prior-year period to 2.05 billion yuan, or 32 fen per share, from 1.22 billion yuan, or 19 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.