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Harmony Auto expects over RMB 1 billion net profit in 2017

Aurora From Gasgoo| January 23 , 2018

Harmony Auto profit, FMC financing, China auto news

Shanghai (Gasgoo)- China Harmony New Energy Auto Holding Limited (Harmony Auto) announced that it expects net profit to top RMB 1 billion in 2017, in contrast to a net loss of around RMB 370 million in the previous year.

According to Harmony Auto, remarkable profits resulted from the lucrative 4S shops' businesses, lower expenditures and the investment revenue brought by a considerable growth in the equity interest held by Harmony Auto in Future Mobility Corporation Limited (FMC), an intelligent electric vehicle startup.

Harmony Auto gained net profit of around RMB 565 million in the first half of 2017. To be specific, some RMB 271 million was from 4S shops’ businesses and around RMB 253 million was from the appreciation of the company’s equity in FMC, according to the interim results released by Harmony Auto. FMC’s contribution nearly kept up with the revenue from the 4s shops sales which is the core business of Harmony Auto.

In August 2017, Harmony Auto had announced that FMC Cayman, of which the company indirectly holds 33.33% equity interests, has signed an equity capital increase agreement (including a supplemental agreement) with an investment funded formed by several investors with respect to FMC’s latest round of financing. The investment fund agreed to invest $200 million in FMC to subscribe for FMC’s equity interests.

At that time, Harmony Auto predicted that FMC would bring about investment profits of no less than RMB 600 million to the company until the announcement being released in August last year.

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