BYD sees better Q1 after profit dives 94%
Source: Xinhua |
March 26, 2013, Tuesday
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Print Edition
Print Edition
CHINESE electric car and battery maker BYD said yesterday its 2012 profit sank 94.12 percent year on year amid a bleak solar market, but forecast robust profit for the first quarter of this year.
The Shenzhen-based company specializing in electric vehicles, rechargeable batteries and photovoltaic cells earned 81.38 million yuan (US$13 million) in net profit in 2012, according to its annual report filed with the Shenzhen Stock Exchange.
Its business revenue fell 4.04 percent annually to 46.85 billion yuan, with earnings per share down 95 percent to 0.03 yuan.
The company attributed last year's contraction in profit to its lackluster solar energy business, saying in a statement that 2012 "an extremely tough year for the Chinese solar PV industry."
Its revenue from selling both electric and fossil fuel-powered vehicles rose steadily in 2012, while its business in making cell phone parts and assembly was dented by the declining market shares of its major clients, the firm added.
For the first quarter this year, BYD forecast a profit between 100 million and 140 million yuan, due to strong auto sales in the first three months and a recovering solar market, the statement said.
Saddled by debt, Chinese solar panel firm Wuxi Suntech Power Co Ltd declared bankruptcy last Thursday.
The Shenzhen-based company specializing in electric vehicles, rechargeable batteries and photovoltaic cells earned 81.38 million yuan (US$13 million) in net profit in 2012, according to its annual report filed with the Shenzhen Stock Exchange.
Its business revenue fell 4.04 percent annually to 46.85 billion yuan, with earnings per share down 95 percent to 0.03 yuan.
The company attributed last year's contraction in profit to its lackluster solar energy business, saying in a statement that 2012 "an extremely tough year for the Chinese solar PV industry."
Its revenue from selling both electric and fossil fuel-powered vehicles rose steadily in 2012, while its business in making cell phone parts and assembly was dented by the declining market shares of its major clients, the firm added.
For the first quarter this year, BYD forecast a profit between 100 million and 140 million yuan, due to strong auto sales in the first three months and a recovering solar market, the statement said.
Saddled by debt, Chinese solar panel firm Wuxi Suntech Power Co Ltd declared bankruptcy last Thursday.
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