CATL First-Quarter Profit Rose Despite Lower Revenue
By Jiahui Huang
Contemporary Amperex Technology's net profit rose in the first quarter despite lower revenue.
The world's largest maker of electric-vehicle batteries posted net profit of 10.51 billion yuan ($1.45 billion), up from CNY9.82 billion a year ago, it said Monday. The company attributed the gain to better efficiency, among other factors. Total costs for the quarter dropped 12% to CNY69.62 billion, it said.
Revenue fell 10% to CNY79.77 billion.
CCB International equity analyst Qu Ke said a better product mix may have helped the company's bottom line despite weaker quarterly revenue.
Ahead of the earnings report, Moody's upgraded CATL's ratings to A3 from Baa1 and changed its outlook to stable from positive.
CATL remained China's top EV-battery maker in March, with a market share of 42%, according to data from China's Automotive Battery Innovation Alliance.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
April 15, 2024 07:46 ET (11:46 GMT)
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