BAIC Motor 1st Half Net Profit CNY985.7 Million Vs CNY2.41 Billion Year Ago

By Saurabh Chaturvedi Features Dow Jones Newswires

BAIC Motor Corp. (1958.HK) said Tuesday its net profit for the first half of the year fell 59%, hurt mainly by higher costs.

Continue Reading Below

The Chinese state-backed car maker, which counts German automotive group Daimler AG (DAI.XE) as its strategic investor, said in a stock exchange filing that its net profit for the six months ended June 30 stood at 985.7 million Chinese yuan as compared with CNY2.41 billion a year ago.

Its revenue, however, rose to CNY66.74 billion from CNY49.04 billion a year ago.

BAIC's selling and distribution expenses in the period rose to CNY6.22 billion from CNY4.55 billion a year ago, while general and administrative expenses rose to CNY2.12 billion from CNY1.92 billion.

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

(END) Dow Jones Newswires

Continue Reading Below

August 28, 2017 20:11 ET (00:11 GMT)