Guangzhou Automobile Group Co., Ltd. Provides Earnings Guidance for the Year Ended December 31, 2017
January 15, 2018 at 06:09 am EST
Share
Guangzhou Automobile Group Co., Ltd. provided earnings guidance for the year ended December 31, 2017. Based on the preliminary estimations of the financial department, the net profit realised and attributable to shareholders of the Company for 2017 is expected to increase by RMB 3,450 million to RMB 5,340 million and by 55% to 85% compared with the same period last year. The net profit attributable to shareholders of the company after deduction of non- recurring profit or loss is expected to increase by RMB 3,350 million to RMB 4,570 million and by 55% to 75% compared with the same period last year. The main reason for the increase of results for 2017 is due to the growth of principal business of the Company. The Company adhered to centering around quality and efficiency and obtained excellent results in production and operation. The sales volume of the self-developed brand of Guangzhou Automobile Group Motor Co. Ltd. maintained rapid growth, and the development of brand new vehicle models achieved positive results, leading to formation of the star vehicle model of the Trumpchi series. The results of joint enterprises increased steadily and investment returns increased correspondingly. Business in the upstream and downstream of the industry chain such as parts and components, commercial services, automobile credit, insurance etc. developed rapidly. Net profit attributable to the shareholders of the Company for 2017 sustained faster growth than last year.
Guangzhou Automobile Group Company Limited is an investment holding company principally engaged in vehicles and related businesses. The Company operates through five segments. The Research and Development (R&D) segment is engaged in the development of new products and new technology, as well as the implementation of R&D projects. The Manufacture segment is engaged in the manufacture of passenger vehicles and motorcycles. The Commercial Services segment is engaged in vehicle sales, logistics, international trading, second-hand vehicles, disassembling, resources recycling, as well as the provision of supporting services. The Parts and Components segment provides engines, gearboxes, car seats, auto lamps, automation accessories, redirectors, shock absorbers and accessories. The Financial segment provides financial investment, insurance, insurance broker, financial lease, automobile credit and other related services.