JAC Group expected to gain 480 million yuan in semi-annual net profit

Shanghai (Gasgoo)- Anhui Jianghuai Automobile Group Co.,Ltd. (JAC Group) announced on Tuesday its net profit attributable to shareholders is anticipated to reach roughly 480 million yuan ($73.77 million) for the first half of 2021, rocketing from the net loss of 147.44 million yuan ($22.66 million) for the year-ago period.

JAC Group's technology center; photo credit: JAC Group

Excluding the impact of non-recurring gains and losses, the company still faced a net loss of around 270 million yuan ($41.496 million) for the first six months, versus the loss of 653.4 million yuan ($100.421 million) for the prior-year period.

As for the factors contributing to the expected profit, JAC Group said its semi-annual gross margin of main businesses increased by around 611 million yuan ($93.905 million) as the company actively adjusted its product structure and intensified the control of costs and expenditure to enhance profitability for main operations.

In the Jan.-Jun. period, JAC Group sold a total of 284,986 new vehicles, posting a 36.12% year-on-year growth. To be specific, passenger vehicle sales surged 78.81% to 119,434 units thanks to the 186.61% and 22.44% growth achieved by the SUV and MPV segments. Meanwhile, the company also saw its commercial vehicle sales jump 16.11% to 165,552 units.

Regarding global business, JAC Group exported 34,143 new vehicles during the first two quarters, representing a 125.84% hike from the previous year.