Brilliance China Automotive Holdings (HKG:1114) expects a profit decrease of about 60% for 2024 , as compared with a year earlier, according to a Friday filing with the Hong Kong bourse.
The company attributed the decline in profit to the lower performance of BMW Brilliance Automotive and a 1.47 billion yuan withholding tax on subsidiary dividends.
The manufacturer and seller of BMW vehicles in China plans to publish its annual results on March 21.
The company's shares were up 3% at the close of trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.