BAIC Motor Corp. (1958.HK) said Tuesday its net profit for the first half of the year fell 59%, hurt mainly by higher costs.
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.
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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 firstname.lastname@example.org
(END) Dow Jones Newswires
August 28, 2017 20:11 ET (00:11 GMT)