BAIC Motor expects its net profit in the first half of this year to fall 65% year-on-year

According to news on August 15th, Beijing Automotive (HK:01958) issued a performance forecast. It is expected that the net profit attributable to equity holders of the company for the six months ended June 30, 2020 will decline by approximately 65% from the same period in 2019.

According to the announcement, the decline in BAIC Motor’s performance was mainly due to the impact of the COVID-19 new crown pneumonia epidemic, resulting in a significant decline in vehicle sales in the first half of 2020, especially in the first quarter, compared with the same period last year, resulting in a decline in the group's efficiency.

However, the announcement emphasizes that since the second quarter of 2020, as the production and operation of BAIC Group's bases have returned to normal levels and the domestic epidemic has been effectively controlled, vehicle sales in the second quarter of 2020 have been basically the same as the same period last year, effectively slowing down the increase in 2020. The half-year decline in benefits.

In addition, BAIC Motor will announce its interim results as of June 30, 2020 at the end of August 2020.