NavInfo to sharply narrow YTD loss
- Beijing (Gasgoo)-China’s navigation technology leader, NavInfo is projected to significantly narrow its loss in the first three quarters this year.
Photo credit: NavInfo
The company forecasted a RMB1.8 billion-RMB1.92 billion ($280 million-$298.47 million) revenue year-to-date, increasing 17.68%-25.53% from a year ago. Net loss attributable to shareholders should amount to RMB49 million- RMB34 million ($7.62 million-$5.29 million), slumping 74.83%-82.38% comparing to the first nine months of last year.
Especially in the third quarter alone, NavInfo boasted an estimated RMB600 million-RMB720 million ($93.21 million-$112 million) in revenue, up 6.06%-27.19% year on year. Thanks to the upsized private placement the company received, it managed to make a turnaround from loss, with a projected RMB7 million-RMB20 million ($1.09 million-$3.11 million) quarterly net profit attributable to shareholders, more than doubled (by 121.28%-168.08%) from the same period last year.
NavInfo explained, benefiting from the accelerated layout in client expansion, and speedy commercialization of ADAS and autonomous driving, and V2X (vehicle to everything) technologies during the reporting period, the company’s sales grew steadfastly.
Despite the year-on-year increase of chip shipment in the first nine months, NavInfo still took a hit from the chip shortage and the raw material premium. The company’s featured navigation business brought home more orders as the auto market recovered.