Rising sales lift BYD鈥檚 profit 29% in H1
Print Edition
Chinese carmaker BYD Co, backed by Warren Buffett鈥檚 Berkshire Hathaway Inc, posted a 29 percent jump in first-half net profit on rising sales of its hybrid and electric vehicles.
Sales of its 鈥渘ew-energy鈥 vehicles more than doubled, BYD said in a statement to the Shenzhen Stock Exchange yesterday, helping to lift net profit to 466.7 million yuan (US$72.8 million) in the first six months of the year, up from 360.7 million yuan a year earlier.
That matched the Shenzhen-based firm鈥檚 forecast in April for net profit between 400 million yuan and 480 million yuan.
The carmaker took in 31.6 billion yuan in revenue, up 18 percent year on year.
The company, which started out as a maker of mobile phone batteries, began producing cars in 2003 with a focus on hybrid and electric vehicles.
Its plug-in hybrid BYD Qin sedan is China鈥檚 best-selling vehicle in a segment that has gained from the government鈥檚 tighter norms on fuel economy, as well as grants and tax breaks for green-energy vehicles.
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