BAIC Motor’s income grows the fastest in H1 2015, seeing Beijing Benz contributing 80%

Gasgoo.com (Shanghai Sept 1) According to the H1 2015 financial report issued by BAIC Motor, the gross profits earned by BAIC Motor grew by more than 90%, and net profits attribute to shareholders grew by 22%, making the company the one with the best sales in H1 2015.

The report shows that in H1 2015, BAIC Motor’s income reached 36.52 billion yuan, growing 45.3% year on year. The gross profits were at 6.185 billion yuan, growing 81.1% year on year. The net profits were at 3.491 billion yuan, growing 51.1% year on year. The net profits attribute to shareholders were at 2.171 billion yuan, growing 21.9% year on year.

According to the report, both the sharp growth of profits earned by Beijing Benz and government’s subsidy contributed to the success.

29.231 billion yuan of the BAIC Motor sales income came from Beijing Benz, accounting for 80.04%, and the rest 19.96% of the income came from independent brands of BAIC Motor.

The stock share of Beijing Benz that BAIC Motor holds increased to 51% in 2013. Since then, the percentages of the sales income from Beijing Benz rose from 76.24% in H1 2014 to 77.94% towards the end of 2014, and even above 80% in H1 2015.

While for BAIC Motor’s independent brands, the sales volume of passenger cars in H1 2015 dropped by 3.4% year on year. Besides, due to larger discounts, the gross loss expanded to 0.7 billion yuan, and gross profit rates dropped to -9.7%. And due to Hyundai’s decreasing net profits, investment income of BAIC Motor dropped by 27.7% year on year to 2.034 billion yuan.

Nevertheless, BAIC Motor’s sales volume of energy cars reached 6,200 units in H1 2015, a 1493% growth year on year. Thus government’s subsidy rose to 0.5325 billion yuan. Based on this, the profits lost by BAIC Motor’s independent brands narrowed to 11.6%.