Lentuo International Turns To Profit In Q3 - Quick Facts

(RTTNews) - Lentuo International Inc. (LAS) reported that its third quarter ended September 30, 2013 net income attributable to controlling interest was RMB17.6 million or $2.9 million, compared with a net loss of RMB6.4 million in the same period in 2012.

Earnings per ordinary share were RMB0.27 or $0.04, compared with loss per ordinary share of RMB0.11 last year. This translates into basic and diluted earnings per ADS of RMB0.54 or $0.08 in the third quarter of 2013. Each ADS represents two ordinary shares.

Revenues for the quarter increased by 13.6% to RMB953.1 million or $155.7 million from RMB838.9 million in the third quarter of 2012.

Revenues from automobile sales increased by 11.5% to RMB819.4 million or $133.9 million during the third quarter of 2013 from RMB735.0 million during the same period in 2012.

The company sold 4,842 vehicles, an 8.6% increase from 4,460 vehicles in the third quarter of 2012. The increase was primarily due to the inclusion of the Company's newly opened FAW-Volkswagen flagship store, which was officially opened in mid-July and contributed to revenue with the sale of 310 vehicles during the quarter. Sales of Japanese cars showed signs of improvement after four quarters of contraction.

The average new vehicle unit price for the third quarter of 2013 was RMB170,591 or $27,874, a 3.3% increase from RMB165,086 in the same period in 2012. The increase was mainly due to the Company's constant optimization of its product mix as it caters to consumers' increasing demand for popular car models with higher average selling prices.