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Nasdaq-listed Bitauto's profits over double in Q1

May. 11, 2012 (China Knowledge) – Bitauto Holdings Ltd, a leading provider of Internet content and marketing services for China's fast-growing automotive market, announced its net profit for the first quarter of 2012 skyrocketed 111.2% year on year to RMB 15.7 million or US$2.5 million.

The company saw its operating revenue reached RMB 178 million or US$28.3 million in the three-month period, reflecting a year-on-year increase of 62.3%.

On a Non-GAAP basis, the U.S.-listed company's net profit for the quarter reached RMB 18 million or US$2.9 million, reflecting a year-on-year increase of 40.2%.

Diluted earnings per America Depositary Share were RMB 0.39 or US$0.06, compared with non-GAAP diluted earnings per ADS of RMB 0.44 or US$0.07.

As of Mar. 31, 2012, Bitauto saw its employees totaled 1,840 people, up 34% than a year earlier.

The firm expects its operating revenue in the second quarter of this year to be reached between RMB 230 million or US$36.5 million and RMB 240 million or US$38.1 million, sources reported.

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