logo
Share SHARE
FONT-SIZE Plus   Neg

Lentuo Q2 Profit Down On Higher Expenses

Lentuo International Inc. (LAS), a Beijing-based automobile retailer, Tuesday reported a decline in net income for its second quarter, despite an increase in revenue. The results reflected a rise in operating expenses.

In the second quarter, the company's net income declined to RMB 8.69 million, or $1.3 million, from RMB 11.78 million last year, and on a per share basis, profit dipped to RMB 0.14 from RMB 0.20 in the prior year.

Operating expenses for the quarter, including general, administrative and selling expenses, rose to RMB 40.21 million from RMB 28.87 million last year.

For the quarter, revenues, however, rose by 21.2 percent to RMB 792.5 million, or $124.7 million, from RMB 653.8 million in 2011, helped by automobile sales, which increased by 24.3 percent to RMB 709.9 million or $111.7 million.

During the quarter, the company sold 4,301 vehicles, representing an increase of 54.5 percent from 2,784 vehicles in the prior year quarter.

Monday the stock closed at $1.84 on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Dutch consumer electronics giant Philips Electronics NV reported Monday significantly higher profit in its second quarter, mainly with Funai arbitration award, despite weak sales. Comparable sales growth was 3 percent with improved HealthTech portfolio, despite weakness in Lighting. The company also maintained its outlook for fiscal 2016. Jeff Bezos, the CEO of Amazon, has overtaken Berkshire Hathaway's founder Warren Buffet to become the third-richest person in the world, according to the Bloomberg Billionaires Index. Bezos is now behind clothing retailer Zara's founder Amancio Ortega, who is now second, and Bill Gates, co-founder... The White House has announced new initiative to fight climate change, curb usage of fossil fuels and increase access to clean energy by pushing the use of electric vehicles. The Obama administration announced a series of actions from the Federal government, private sector, and states, as well as...
comments powered by Disqus
Follow RTT