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Guangzhou Automobile Group profit misses consensus by 83.5% in Q1

Guangzhou Automobile Group Co. Ltd. said its normalized net income for the first quarter was 3 fen per share, compared with the S&P Capital IQ consensus estimate of 16 fen per share.

EPS fell 69.9% year over year from 9 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 175.1 million yuan, a decrease of 69.5% from 573.2 million yuan in the year-earlier period.

The normalized profit margin fell to 6.9% from 12.1% in the year-earlier period.

Total revenue climbed 13.6% on an annual basis to 5.40 billion yuan from 4.75 billion yuan, and total operating expenses rose 13.3% from the prior-year period to 5.67 billion yuan from 5.00 billion yuan.

Reported net income decreased 37.6% from the prior-year period to 529.9 million yuan, or 8 fen per share, from 849.2 million yuan, or 13 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.