Shares of Brilliance China Automotive Holdings Ltd. (01114) plunged as much as 8.75% during intraday trading on August 23rd, following the company's release of lower-than-expected first-half earnings results.
For the six months ended June 30, 2024, Brilliance China reported a profit attributable to equity holders of 1.47 billion yuan, a significant decline from the 3.74 billion yuan reported in the same period last year. Earnings per share also fell sharply to 0.29201 yuan, down from 0.74211 yuan in the prior-year period.
While the company's revenue for the first half rose 2% year-over-year to 518.0 million yuan, exceeding analysts' expectations, the weaker profitability overshadowed the top-line growth. Brilliance China attributed the revenue increase to higher orders from electric and hybrid vehicle manufacturers.
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