BYD Q3 Net Profit Up 582%

Date:2011-10-31houhaizhen  Text Size:

October 31 -- BYD (002594.SZ,1211.HK) posted an 85 percent year-on-year decline in net profit for the first three quarters to 352 million yuan, while sales revenue fell 4.34 percent to 34.33 billion yuan, reports China Securities Journal, citing a company filing.

For the third quarter, the maker of rechargeable batteries and automobiles posted a 582 percent year-on-year surge in net profit to 77.37 million yuan on a 10.95 percent increase in sales revenue.

During the first three quarters, BYD sold 94,024 automobiles, an increase of 9.1 percent year-on-year, of which the company's first SUV, S6, sold well.

BYD launched its first high-end pure electric car, e6, targeted at personal users, last week.

BYD predicts the decline in net profit to narrow, with net profit for full year 2011 to drop 35-65 percent year-on-year.

BYD attributes the better performance to the fourth quarter being the traditional peak season for the automobile business, higher sales growth of the S6, and new customers for its cell phone auto parts business.

Shares of BYD were up 1.02 percent to trade at HK$17.76 per share at 11:30 today.

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