By Clarence Leong


Contemporary Amperex Technology Co. posted a 24% decline in net profit for the first quarter of this year, as operating costs surged amid rapidly rising material prices.

China's largest electric-vehicle battery maker recorded 1.49 billion yuan ($224.9 million) net profit, compared with CNY1.95 billion in the first quarter last year, it said Friday. Revenue more than doubled to CNY48.68 billion from CNY19.17 billion.

The Tesla Inc. supplier said operating costs for the first three months almost tripled to CNY41.63 billion from CNY13.94 billion, driven by expanding sales and rapid increases in prices of some upstream materials.


Write to Clarence Leong at clarence.leong@wsj.com


(END) Dow Jones Newswires

04-29-22 0435ET