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Tianjin FAW Xiali Automobile Q2 loss widens 31.0% YOY

Tianjin Faw Xiali Automobile Co.Ltd. said its second-quarter normalized net income amounted to a loss of 15 fen per share, compared with a loss of 11 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 229.0 million yuan, compared with a loss of 174.8 million yuan in the year-earlier period.

The normalized profit margin declined to negative 50.4% from negative 20.0% in the year-earlier period.

Total revenue fell 49.3% year over year to 443.3 million yuan from 874.2 million yuan, and total operating expenses declined 28.7% on an annual basis to 876.6 million yuan from 1.23 billion yuan.

Reported net income came to a loss of 351.9 million yuan, or a loss of 23 fen per share, compared to a loss of 280.2 million yuan, or a loss of 18 fen per share, in the year-earlier period.

As of Aug. 24, US$1 was equivalent to 6.66 yuan.