Jianghuai Automobile's first-half pre-loss of 146 million yuan fell 216.69% from the same period last year

SMM: on the evening of July 30, Jianghuai Motor announced that the net loss in the first half of the year was about 146 million yuan, while the net profit in the same period last year reached 125 million yuan, a sharp drop of 216.69 percent compared with the same period last year.

Photo source: screenshot of JAC Motor's performance pre-loss announcement for the first half of 2020

According to the semi-annual performance pre-loss announcement, the Jianghuai Finance Department initially estimates that the net profit attributed to shareholders of listed companies in the first half of the year will be a loss compared with the same period last year, and is expected to be about-146 million yuan; the net profit belonging to shareholders of listed companies after deducting non-recurring gains and losses is about-652 million yuan. The expected performance has not been audited by certified public accountants, the announcement said.

According to the announcement of pre-loss, the net profit belonging to the shareholders of the listed company in the first half of 2019 is 125 million yuan, and the net profit belonging to the shareholders of the listed company after deducting non-recurrent profit and loss is 64 million yuan, and the earnings per share is 0.07 yuan.

As for the reasons for the decline in performance, Jianghuai Automobile said that in the first quarter of 2020, the company's net profit attributable to shareholders of listed companies and net profit after deducting non-recurring profits and losses were-356 million yuan and-429 million yuan respectively. In the second quarter, the net profit attributable to shareholders of listed companies and net profit after deducting non-recurrent profits and losses were about 210 million yuan and-223 million yuan respectively, and the performance in the second quarter was better than that in the first quarter. However, due to the impact of the epidemic, the company sold 209400 cars and chassis in the first half of 2020, down 10.97% from the same period last year, resulting in a decrease in profits from the main business in the first half of the year.

Photo: screenshot of production and sales of Jianghuai Motor in June

According to KuaiBao, the latest production and marketing of Jianghuai Automobile, Jianghuai Automobile produced and sold a total of 210400 and 209400 vehicles in the first half of the year, down 11.49 percent and 10.97 percent respectively from the same period last year. Among them, passenger car sales totaled 66800 in the first half of the year, down 29.81% from the same period last year. The once-powerful "business-to-ride" strategy finally failed due to the continuous decline in passenger car sales.

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