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BYD's H1 profit plunges 94%

Aug. 28, 2012 (China Knowledge) - BYD Co<1211>, China's largest rechargeable battery maker and a well-known automobile producer, said yesterday that its net profit fell 94% YoY to RMB 16.27 million in the first half of this year, due to rising operating costs.

The company's operating revenue rose only 0.17% YoY to RMB 22.58 billion in the first six months.

The firm's auto sales rose 12.72% YoY to RMB 11.59 billion in the period. Auto sales volume dropped 9.27% to199,700 units, versus a 2.9% growth in the whole auto industry.

Revenue from handset part and assembly business dropped 11.62% YoY to RMB 8.61 billion in H1, and that from rechargeable battery and new energy businesses declined 5.54% to RMB 2.38 billion.

BYD expected that its net profit to fall between 75% and 95% in the first nine months of this year.

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