TUHU Car (HKG:9690) recorded a 97% decline in profit for the six months ended Dec. 31 to 197.7 million yuan from 6.64 billion yuan in the year-ago period, a Thursday filing with the Hong Kong bourse said.
The automotive service platform's revenue for the six months rose by 7.8% to 7.63 billion yuan from 7.08 billion yuan a year prior.
For the full year 2024, attributable profit fell to 483.8 million yuan from 6.7 billion yuan a year prior, with revenue rising 8.5% to 14.8 billion yuan from 13.6 billion yuan previously.
Earnings per share for the full year rose to 0.6 yuan from 0.3 yuan in 2023.
The lower profit came about amid the absence of a 6.5 billion yuan gain from the fair value changes of convertible redeemable preferred shares seen a year prior, as well as a slight rise in selling and marketing and R&D expenses.
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