JAC Motors turns loss into profit in 2019

Shanghai (Gasgoo)- Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Motors) announced it 2019 net profit attributable to shareholders reached RMB106.015 million, bringing the money-losing firm into the black over the annual loss of RMB786.144 million for 2018.

However, excluding the impact of certain no-recurring gains and losses, the company still faces a net loss of RMB978.434 million. The annual report shows that the governmental subsidy that is included into the current profits and losses amounts to RMB1.117 billion, which significantly help the net profit represent positive eventually.

（Photo source: JAC Motors)

Besides, the Hefei-based automaker saw its full-year revenue in 2019 slide 5.6% year on year to RMB47.286 billion.

As for the performance of each sector, the PV unit earned revenue of 17.211 billion, a year-on-year decrease of 13.43%. The CV, bus and chassis branches all achieved growth with respective revenue reaching RMB22.061 billion, RMB3.151 billion and RMB387.154 million.

JAC Motors said its 2019 sales slid 8.91% from the previous year with both the PV and CV units posting decrease. Of those, a total of 58,026 all-electric PVs were sold, a year-on-year drop of 8.87%. In addition, the company exported 45,320 new vehicles with a slump of 39.39% over the year-ago period.

In 2020, JAC Motors will strive to accomplish the output/sales goal of 450,000 units to 500,000 units, a growth of 6.83% to 18.7% compared to its 2019 volume. For the first two months, the company's outputs and sales stood at 48,192 units and 49,315 units, plunging 44.21% and 42% due to the coronavirus epidemic and Lunar New Year holiday.