BRIEF: CATL extends lead with 40% third-quarter profit growth
Leading lithium battery maker Contemporary Amperex Technology Co. Ltd. (3750.HK; 300750.SZ)(CATL) reported on Monday its revenue rose 12.9% year-over-year to 104.2 billion yuan ($14.63 billion) in the third-quarter, while its net profit jumped 41% to 18.6 billion yuan.
The company’s revenue for the first three quarters of the year rose 9.3% year-over-year to 283.1 billion yuan, while its net profit for that period increased 36% to 49 billion yuan.
CATL’s total assets grew 13.9% from the end of last year to 896.1 billion yuan at the end of September. Its cash reserves stood at 324.2 billion yuan by the end of September, up 7% from a year earlier.
Hong Kong-listed shares of CATL opened up 2.8% at HK$543 on Tuesday. The stock has doubled since its Hong Kong IPO in May.
By Lau Chi Hang
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