August 23 -- BYD (002594, 1211.HK) posted an 88.63-percent year-on-year decrease in net profit to 275 million yuan in the first half of 2011, reports China Business News, citing a company filing. Sales revenue during that period fell 10.77 percent year-on-year to 22.545 billion yuan, with earnings per share (EPS) of 0.12 yuan, down 88.68 percent.

The company blamed the profit slump on a drop in auto sales revenue of 25.21 percent in the first six months.

The gross margin of BYD’s vehicle business fell 9.28 percent to 19.05 percent. The gross margin of its battery business tumbled 12.21 percent to 12.3 percent, while the gross margin of cell phone components slipped 1.26 percent to 13.18 percent.

BYD predicts net profit of between 122 million and 365 million yuan in the first three quarters of 2011, down 85-95 percent.