BYD Co First-Quarter Net Profit Falls 90% To CNY27 Million
April 25 2012 - 9:48AM
Dow Jones News
Chinese battery and car maker BYD Co. (1211.HK) said Wednesday
first-quarter net profit slumped 90% on the year because of lower
car sales and the cancellation of government incentives for vehicle
purchases.
The company said its net profit for the three months ended March
31 was CNY27 million ($4.3 million), down from CNY266.7 million.
Revenue rose 0.2% to CNY11.73 billion from CNY11.71 billion.
The Shenzhen-based company said it sold 108,755 cars in the
first quarter, representing a decline of 8% on the year.
Established in 1995, BYD manufactures rechargeable lithium-ion
and nickel batteries but has diversified into mobile-phone parts
and alternative-fuel cars. It is 10% owned by MidAmerican Energy
Holdings Co., a unit of Warren Buffett's Berkshire Hathaway Inc.
(BRKB).
-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002;
joanne.chiu@dowjones.com
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