Beijing (ZXZC)- China’s automotive electronics supplier Joyson Electronics saw its net profit attributable to shareholders plummet 171.32% year on year in the first three months of 2022, according to its report issued on April 25th.

Photo credit: Joyson Electronics

From January to March, Joyson Electronics brought in RMB11.73 billion ($1.8 billion) in revenue, notching down 4.53% from a year ago. Its net loss attributable to shareholders amounted to RMB157.97 million ($24.18 million).

The company explained that the slow resurgence of the global auto industry had affected its operations. Specifically, the pandemic and the crimped chip supply caused a 4.9% year-on-year decline in lightweight vehicle production volume worldwide by the end of the first quarter this year, affecting Joyson Electronics’ business successively. 

Moreover, Joyson Electronics’ gross profit shrunk by RMB439 million ($67.2 million) in the first quarter of 2022, due to the hike in upstream raw material prices, energy prices, and transportation costs.  

In addition, Joyson Electronics’ sales in Europe were also subjective to external conditions. During the first three months of this year, the company’s European business sector saw an estimated RMB350 million ($53.57 million) decrease in sales, and an RMB80 million ($12.25 million) decline in gross profit. 

Nonetheless, Joyson Electronics has also achieved several highlights in its business operations in the first quarter. In the first two months of 2022, the company’s automotive safety sector landed new orders valued RMB4.2 billion ($642.87 million) in China and RMB4.5 billion ($688.78 billion) in Europe.