GAC Group sees net profits climb 10.02% YoY for first nine months

Shanghai (Gasgoo)- GAC Group posted a year-on-year (YoY) growth of 2.79% with its revenues for the first three quarters totaling RMB52.822 billion. Meanwhile, its cumulative net profits attributable to shareholders rose 10.02% over a year ago to RMB9.86 billion, according to the official financial report released on October 30.

In the third quarter, the automaker saw its quarterly operation revenues fell 3.67% from a year earlier to RMB16.116 billion and the net profits attributable to shareholders reached RMB2.947 billion with a YoY increase of 6.03%.

GAC Group attributed its profit growth to the continuous increase in the sales of self-owned models, the improvement in R&D capability and the faster launching of new products. Besides, the joint ventures also generated blooming economic benefits thanks to the overall sales growth driven by such lucrative models as the eight-generation Camry and the Outlander.

GAC Group posted a year-on-year (YoY) growth of 5.84% in sales with 198,034 vehicles delivered in September. From January to September, the group delivered 1,558,105 vehicles in total, achieving a YoY increase of 6.24%.

GAC Motor saw its sales fall 6.0% from a year earlier to 43,427 units last month, while climbed 4.88% over a year ago to 394,592 units for the first nine months. By the end of September, the company has completed 56.4% of the 700,000-unit sales goal. The all-new Trumpchi GS5 made its world's debut at Paris Motor Show 2018, which drew lots of attention with its catchy design and advanced powertrain.

GAC Toyota's deliveries in September soared 48.4% over the year-ago period to 60,808 units. It sales from January to September aggregated 421,854 units with a YoY jump of 24.44%, a comparatively outstanding performance over other subsidiaries. GAC Honda gained a YoY increase of 3.8% with 69,660 vehicles handed over in September. During the past three quarters, 69.4% of the annual sale target (750,000 units) has been finished with its cumulative sales totaling 520,627 units. According to the sales data from Honda China, the Accord, the Odyssey and the Fit had sales of 16,369 units, 5,165 units and 13,560 units for September with positive YoY growth of 25.2%, 59.4% and 51.9% respectively.

According to relevant data, the group's expenses in marketing, management and R&D reached RMB4.453 billion, RMB2.403 billion and RMB619 million for the first nine months, apparently climbing 30.28%, 15.29% and 37.65% over the year-ago period respectively.