CATL revenues leap 59.85% YoY for first three quarters, while net profits drop 7.47%

Shanghai (Gasgoo)- Contemporary Amperex Technology Limited (CATL) saw its revenues for the first three quarters leap 59.85% year on year to RMB19.136 billion. Its net profits from the January to September dropped 7.47% over a year ago to RMB2.379 billion, while the non-recurring-excluded net profits surged 88.71% from the previous year to RMB1.985 billion, the company announced on October 25.

The China-based vehicle and energy storage battery maker attributed its revenue growth to China's fast-growing NEV market climate, the company's efforts on brand promotion and the expansion of its market shares.

For the first nine months, China's NEV production outputs reached around 666,000 units with a year-on-year jump of 35% and the total installed power battery capacity skyrocketed 94% from the year-ago period to 28.87GWh, among which 11.7GWh was generated from CATL, ranking first with a market share of over 40%.

In the first half of 2017, CATL transferred the 23% stake in Beijing Pride Power System Technology Limited and gained an investment income of RMB1.034 billion then. That is why the net profits from January to September of this year were less than that of the same period a year ago, said the power battery maker.

The company also noted in the announcement that it signed a purchase agreement with BMW Brilliance on July 26 and has received a prepayment of RMB2.85 billion from the latter, who is allowed to plow equity investments to CATL under certain conditions. In addition, CATL and GAC Group inked agreements on July 19 to build two joint ventures, namely, CATL-GAC Power Battery Co.,Ltd and GAC-CATL Power Battery System Co.,Ltd. Both joint ventures are awaiting local authorities' approval.