Beijing, China (Reuters) – Even as EV demand slows in the largest auto market in the world and geopolitical uncertainties cloud CATL’s foreign operations, the Chinese electric vehicle battery behemoth posted stronger profit growth in the second quarter.

According to Reuters calculations based on a stock filing on Friday, CATL’s net profit increased 13.4% from a year earlier to 12.36 billion yuan ($1.70 billion) in April-June despite a 13.2% decline in revenue to 87 billion yuan.

In contrast, UBS estimated 10.41 billion yuan, which would represent a 4.5% decline in Q2 profit and a 7% increase in Q1 profit.

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