Yadea Group H1 Profit Improves With Higher Sales Volume

(RTTNews) - Yadea Group Holdings Ltd.(YADGF,1585.HK), a Chinese manufacturer of electric two-wheelers, on Thursday reported improved earnings in the first half, backed by 33.1 percent growth in revenues with higher sales volume.

Looking ahead to the second half, the firm said it remains confident in its strategic direction and in maintaining the momentum achieved in the first half.

Profit for the first half improved to RMB1.65 billion from RMB1.03 billion a year ago. On a per share basis, earnings improved to 54.3 RMB cents from 34.4 RMB cents in the prior year.

Profit before income tax climbed to RMB2.09 billion from RMB1.30 billion a year ago.

Revenue rose to RMB19.19 billion from RMB14.41 billion in the prior year.

Total segment revenue from electric two-wheeled vehicles and related accessories increased to RMB18.65 billion from RMB14.21 billion a year ago.

Revenue from Electric bicycle sales climbed to RMB9.30 billion from RMB6.24 billion in the last year.

Revenue from electric scooter sales increased to RMB3.81 billion from RMB3.55 billion a year ago.

The sales volume of electric scooters and electric bicycles rose by approximately 37.8 percent to 8.79 million units from 6.38 million units in the prior year.

In the Hong Kong market, the shares traded 0.43 percent higher to close at HK$13.93.