Great Wall Motor sees Q1 net profit plunge 62.84%

Shanghai (Gasgoo)- Great Wall Motor’s total revenue in the first quarter shrank 14.85% over the previous year to RMB22.627 billion, the automaker announced on April 30.

The quarterly net profit attributable to shareholders of the public company reached RMB773.283 million, plunging 62.84% year on year. Excluding the non-recurring gains and losses, net profit was RMB643.462 million, still presenting a sharp decline of 69.72%.

Besides, the weighted average return on assets and the basic earnings per share for the first quarter were 1.46% and RMB0.08.

For the first three months of the year, the automaker’s expenses of sales, management and R&D amounted to RMB596 million, RMB307 million and RMB362 million, slumping 46.2%, growing 10.83% and leaping 27.92% respectively year on year.

Great Wall Motor previously announced that it has sold 283,842 vehicles through March, a year-on-year growth of 10.61%. The Q1 sales of the Haval H6 aggregated 101,893 units, accounting for 35.9% of total sales. The Haval M6, with 27,290 units sold, posted a remarkable year-on-year sales leap of 158.87%. Moreover, the Haval F7 has become a new growth point with its Q1 sales exceeding 40,000 units. 

In 2019, the automaker is ambitious to sell 1.2 million vehicles, which is 14.28% more than the actual sales volume for 2018. By the end of March, the company has completed 24% of its sales target.