BYD warning

Date:2011-11-01     Source:yangshujiequlina  Text Size:

BYD Co, the Chinese carmaker partly owned by Warren Buffett's Berkshire Hathaway Inc, yesterday said its full-year profit may drop by as much as 65 percent, dragged down by slowing sales of automobiles and solar-energy products.

Net income may fall 35-65 percent to 883.2 million yuan (US$139 million) to 1.64 billion yuan, the Shenzhen-based company said in a filing to the city's stock exchange. Third-quarter profit rose more than sixfold to 77.4 million yuan, helped by 184.9 million yuan in new-energy vehicle subsidies and car research grants, the statement said, citing Chinese accounting standards.

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