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Guangzhou Automobile Group Q2 profit climbs 33.8% YOY

Guangzhou Automobile Group Co. Ltd. said its second-quarter normalized net income was 31 fen per share, compared with the S&P Capital IQ consensus estimate of 35 fen per share.

EPS rose 31.0% year over year from 24 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.04 billion yuan, an increase of 33.8% from 1.52 billion yuan in the year-earlier period.

The normalized profit margin dropped to 11.4% from 13.5% in the year-earlier period.

Total revenue grew 58.5% on an annual basis to 17.88 billion yuan from 11.28 billion yuan, and total operating expenses grew 59.1% from the prior-year period to 16.84 billion yuan from 10.58 billion yuan.

Reported net income increased 14.6% from the prior-year period to 2.35 billion yuan, or 36 fen per share, from 2.05 billion yuan, or 32 fen per share.

As of Aug. 23, US$1 was equivalent to 6.66 yuan.