Shanghai (ZXZC)- For the first quarter of 2020, GAC Group clocked a year-on-year plunge of 95.73% in the net profit, and saw its revenue fall 24.48% from a year ago.

According to the first-quarter consolidated profit statement released on April 28, GAC Group's net profit attributable to shareholders of the listed company reached RMB118,493,097, versus RMB2,777,967,504 for the year-ago period. Excluding the effect of no-recurring gains and losses, the group posted a net loss of RMB79,595,179, nosediving 103.6% from the profit of RMB2,210,231,655 a year earlier. The revenue for the same period amounted to RMB10,765,458,808.

The flagging vehicle sales should mainly account for the slump in both net profit and revenue. For the first three months, GAC Group sold 306,097 vehicles in total, facing a year-on-year sharp decrease of 38.13% under the impact of coronavirus spread.

Thanks to the orderly work resumption as the infection abated, the sales performance remarkably rebounded in March with most of its subsidiaries posted contracted drop. Notably, GAC Toyota recorded a 9.9% year-over-year decline with 49,480 vehicles sold, compared to the 79.78% plunge in its Feb. sales.

The other major Sino-Japanese joint venture GAC Honda witnessed its sales surge to 32,143 units in March from 7,143 units in Feb. 

The group is orderly pushing ahead with operation and production resumption and recovery. As of April 8, 190 investment companies, 66 logistics service providers, over 2,500 automobile dealers and roughly 2,500 first-tier auto parts suppliers within the group had got themselves up, GAC Group said.

(Trumpchi GS8S, photo source: GAC Group's WeChat account)

The Guangzhou-headquartered automaker plans to roll out 19 all-new and refreshed models this year. For instance, its self-owned PV brand, Trumpchi, launched in April three new products, namely, the Trumpchi GS4 PHEV, GS8S and GS4 Coupe; the NEV-focused subsidiary GAC NE started on April 27 the presale of the Aion V; GAC Honda released at the end of March the new Avancier, the Breeze Hybrid and the 2020 Vezel. Moreover, GAC Toyota and GAC Mitsubishi rolled out the C-HR EV and the ASX respectively.