Foton's revenue in Q1 nearly 15 billion yuan, with net profit soared by 120%

Date:2023-05-10 Source:www.chinaspv.com

May 10, 2023, Beijing, China, Recently, Beiqi Foton Motor Co., Ltd. released the 2023 first quarter report. According to the report, Foton Motor’s revenue in the first quarter was 14.974 billion yuan, a year-on-year increase of 20.88%; its net profit was 298 million yuan, a year-on-year increase of 119.89%, and its operating data continued to improve.

During the reporting period, the net profit attributable to shareholders of listed companies was 298 million yuan, a year-on-year increase of 162 million yuan, and the net profit margin increased by 0.9 percentage points year-on-year; the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 174 million yuan, a year-on-year increase of RMB 94 million. Foton Motor stated that the main reasons for the year-on-year increase in net profit in the first quarter of 2023 are three points:

(1)The company achieved sales of 160,200 units in the first quarter, a year-on-year increase of 14.44%, and its market share reached 17%, a year-on-year increase of 2.58 percentage points. The company's market competitiveness continued to improve.

(2)The investment income of joint ventures such as Foton Cummins and ZF Foton increased year-on-year.

(3)Foton continued to promote the cost reduction and efficiency increase of the whole value chain, mainly because the sales expense ratio and management expense ratio both decreased year-on-year.