Foton: A Rise in Expense Ratio in the Third Quarter
www.chinatrucks.com. The revenue of Foton declined by 20% on a year-on-year basis to 332 33.0 billion Yuan in the third quarter, while the net profit grew by 75.5% over the same period last year to 1.56 billion, corresponding to the dilution of EPS0.55 Yuan. In the third quarter, the net loss of the company reached 278 million Yuan, corresponding to EPS-0.10 Yuan, fell by 253% and 167% on a year-on-year basis and a sequential basis respectively. Given to the 174 million Yuan of nonrecurring items, the actual loss in the third quarter reached closely to 460 million Yuan.
Expense ratio of the company rose sharply in the third quarter, leading to a slump in operating revenue. The sales expense ratio reached 8.1%, a year-on-year growth of 4.3% and a sequential growth of 3.1%; the management expense ratio rose to 8.5% with a 5.6% growth over the same period last year and a 3.0 sequential growth, both of the two ratios were to reach the maximum level in years. The rise in work force and salary and the growing efforts in promotion due to weak needs have contributed to the growth.
The market shares of medium trucks and heavy trucks have increased; meanwhile, the gross profit structure has been improved. Sales in the third quarter fell by 4.2% and 14.1% to 134,000 units on a year-on-year and sequential basis respectively, among which, the sales of medium trucks and heavy trucks grew by 5.4% over the same period last year and dropped by 1.6% on a sequential basis, which has exceeded the average sales of the industry. In the meantime, sales of light trucks fell by 6.1% on a year-on-year basis and 16.2% on a sequential basis, which has exceeded the average sales of the industry.
With the rise in market share for medium trucks and heave trucks, the change in product structure has led to a 2.1% year-on-year growth and a 1.9% sequential growth of the gross profit rate, up to 11.0% in the third quarter. The confirmed value-added assessment and transfer income totaled up to 204 million Yuan and 108 million Yuan after-tax income in the third quarter. The total confirmed relevant profits reached 2.1 billion Yuan and the after tax income reached 1.8 billion.
The profit of commercial vehicles was at the bottom and the cooperation with Daimler was to promote the long term development, a relatively flexible performance will be seen if the macro economy improves next year.
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C&C Trucks Co., Ltd.
C&C Trucks Co , Ltd (C&C Trucks), located in Sanshan Economic Development Zone, Wuhu, Anhui Province, a holding company under China International Marine Containers (Group) Co , Ltd (CIMC), is a large heavy truck enterprise integrating the research and development, production
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