China Yuchai International Ltd (NYSE:CYD) Q2 2019 Earnings Conference Call Transcript
Aug 15, 2019 • 08:00 am ET
I'd like to turn the conference over to Kevin Theiss. Please go ahead sir.
Thank you for joining us today, and welcome to China Yuchai International Limited Second Quarter 2019 Conference Call and Webcast. Joining us today are Mr. Weng Ming Hoh; and Dr. Thomas Phung, President and Chief Financial Officer of CYI, respectively. In addition, we also have in attendance Mr. Kelvin Lai, VP of Operations of CYI.
Before we begin, I will remind all listeners that throughout this call, we may make statements that contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words believe, expect, anticipate, project, targets, optimistic, confident that, continue to predict, intend, aim, will or similar expressions are intended to identify forward-looking statements.
All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements, including, but not limited to, statements concerning the Company's operations, financial performance and conditions, are based on current expectations, beliefs, and assumptions, which are subject to change at any time.
The Company cautions that these statements, by their nature, involve risks and uncertainties and actual results may differ materially, depending on a variety of important factors, such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China, including those discussed in the Company's Form 20-F under the headings Risk Factors, Results of Operations, and Business Overview, and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date they are made, and the Company specifically disclaims any obligation to maintain or update the forward-looking information whether of the nature contained in a release or during the call made today or otherwise, in the future.
Dr. Phung will provide a brief overview and review the financial results for the second quarter and six months ended June 30, 2019. Thereafter, we will conduct a question-and-answer session.
For the purposes of today's call, the financial results for the second quarter and six months ended June 30, 2019 are unaudited, and they will be presented in RMB and US dollars. All the financial information presented is reported using International Financial Reporting Standards, as issued by the International Accounting Standards Board.
Dr. Phung, please begin your prepared remarks.
Thomas Khong Fock Phung
Thank you, Kevin. For the second quarter of 2019, China GDP grew a slower 6.2% compared with 6.7% in the second quarter of 2018. This is a slower economic growth in the last 27 years. The economy was already on a slowing trends, and concern over the impact of the current trade issue with the US, have created additional business uncertainty, which also affecting domestic consumer in China.
China's export to the US, United States, declined by 8.1% for the first six months of 2019. In the auto market, consumer also are affected by the government implementation of new automotive emission standard, the National VI, which were implemented on July 1, in some