Chongqing Sokon expects 2017 net profit to rise 36 to 43% year on year

Shanghai (Gasgoo)- Chongqing Sokon Industry Group Stock Co.,Ltd (Chongqing Sokon) said it expects to achieve 2017 net profit of RMB 700 million to RMB 735 million, rising 36% to 43% year on year. Excluding all non-recurring items, the net profit is expected to increase 43% to 51% from a year earlier to RMB 617 million to RMB 652 million. 

Chongqing Sokon attributed its increasing 2017 net profit to the efficient product portfolios' upgrading and the expanding sales of self-developed engines. Last year, Chongqing Sokon sold around 190 thousand SUVs, accounting for nearly 47% of the group's all vehicle sales. Besides, the relatively higher unit price of SUV also contributed a lot to the group's profitability improvement.

Meanwhile, the group's self-developed energy-efficient engine saw a fast sales growth last year, occupying an increasing percentage in the group's overall revenues, which also drove the enhancement of profitability.

Sokon group said the non-recurring items have no significant effect on the group's profit.