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BYD sees profit for Q1 plunge 90%

Apr. 26, 2012 (China Knowledge) - BYD Co<1211>, China's largest rechargeable battery maker and a well-known automobile producer, reaped RMB 27 million or US$4.3 million in net profit in the first quarter of this year, reflecting a year-on-year plunge of 90%.

The Hong Kong-listed firm attributed the profit decline by decreased auto sales as the Chinese government has scrapped the stimulus package of vehicle purchases.

Revenue for the three months ended Mar. 31, 2012 totaled RMB 11.73 billion, climbing 0.2% year on year from RMB 11.71 billion. Earnings per share were RMB 0.01.

BYD sold 108,755 autos in the reporting period, reflecting a year-on-year decline of 8%. Last year, the company's auto sales totaled 437,000 units, down 13.3% from a year earlier.

For the first half of 2012, BYD expects its net profit would plummet between 75% and 95% year on year to be in the range of RMB 13.77 million to RMB 68.84 million, sources reported.

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