By Yifan Wang
Brilliance China Automotive Holdings said its net profit for the first half rose 25%, mainly on the back of a higher profit contribution from its joint venture with the German car maker Bayerische Motoren Werke AG.
The car dealer posted a net profit of 4.05 billion yuan (US$585.6 million) in the period.
The profit growth came even as revenue fell 24% from a year earlier to CNY1.45 billion, dragged by falling sales of minibuses and multipurpose vehicles.
However, profit from BMW Brilliance Automotive rose 23% to CNY4.38 billion, thanks to robust demand for luxury vehicles, the company said.
Earnings growth was further supported by lower tax expenses and higher interest income.
Looking ahead, Brilliance China said it is "cautiously confident" about the outlook for the rest of the year, given the quick sales rebound of its BMW joint venture after a dip in sales early in the coronavirus pandemic.
"With incoming orders gaining momentum and assuming the current positive trend continues, we see a chance for sales to continue to return to a normal level," it said.
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