SAIC Motor third-quarter net profit falls 76.7% to 486 million yuan
In short
SAIC Motor (上汽集团) reported third-quarter net profit attributable to shareholders of 486 million yuan, down 76.70% year on year, on revenue of 154.631 billion yuan, down 7.34%. For the first nine months, net profit was 5.638 billion yuan, down 30.40%. The company attributed the profit decline to financial asset fair value changes and overseas currency exchange losses, according to CLS.
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SAIC Motor (上汽集团, 600104.SH) said in an announcement on 29 October that its third-quarter revenue was 154.631 billion yuan, down 7.34% from a year earlier. Net profit attributable to shareholders was 486 million yuan, down 76.70%, according to CLS, 36Kr and Yicai. [ 2 , 3 , 4 ]
For January to September, revenue was 449.618 billion yuan, down 2.52%, and net profit attributable to shareholders was 5.638 billion yuan, down 30.40%. IT Home reported that nine-month net profit excluding non-recurring items was 4.639 billion yuan, down 34.87%, and basic earnings per share were 0.493 yuan, down 30.17%. [ 1 , 3 , 4 ]
IT Home also listed third-quarter figures: net profit excluding non-recurring items of 69.5373 million yuan, down 95.89%; operating cash flow of 1.997 billion yuan, down 81.68%; and basic earnings per share of 0.042 yuan, down 76.8%. For the nine months, it gave operating cash flow of 56.299 billion yuan, up 76.28%, and a debt-to-asset ratio of 61.67%. [ 1 ]
CLS said the company attributed the year-on-year fall in total profit, net profit attributable to shareholders, net profit excluding non-recurring items and basic earnings per share mainly to the capital market, specifically financial asset fair value changes and losses on overseas business currency exchange. CLS also noted that net profit was 485 million yuan in the third quarter and 2.126 billion yuan in the second, a quarter-on-quarter fall of 77% by its calculation. [ 3 ]
Why it matters
The figures show a sharp drop in quarterly profit alongside lower revenue. The documents do not give a basis for wider conclusions beyond the company's own explanation of the decline.
Key facts
- Third-quarter revenue was 154.631 billion yuan, down 7.34% year on year. [ 1 , 3 , 4 ]
- Third-quarter net profit attributable to shareholders was 486 million yuan, down 76.70% year on year. [ 1 , 2 , 3 , 4 ]
- Nine-month revenue was 449.618 billion yuan, down 2.52%; nine-month net profit attributable to shareholders was 5.638 billion yuan, down 30.40%. [ 1 , 3 , 4 ]
- Third-quarter net profit excluding non-recurring items was 69.5373 million yuan, down 95.89%, according to IT Home. [ 1 ]
- Third-quarter operating cash flow was 1.997 billion yuan, down 81.68%, according to IT Home. [ 1 ]
- Nine-month operating cash flow was 56.299 billion yuan, up 76.28%, according to IT Home. [ 1 ]
Confirmed by several sources
- SAIC Motor reported third-quarter revenue of 154.631 billion yuan, down 7.34% year on year, and net profit attributable to shareholders of 486 million yuan, down 76.70%. [ 1 , 2 , 3 , 4 ]
- For January to September, revenue was 449.618 billion yuan, down 2.52%, and net profit attributable to shareholders was 5.638 billion yuan, down 30.40%. [ 1 , 3 , 4 ]
Still unclear
- The cause of the profit decline rests on one outlet's report of the company announcement. Only CLS states that the decline came from financial asset fair value changes and overseas currency exchange losses; the other documents give no reason.
- The third-quarter net profit figure differs slightly within CLS's own text. CLS gives 486 million yuan in the announcement summary and 485 million yuan in its own calculation of the quarter-on-quarter fall.