BYD's net profit surges in Q1
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E-mail China.org.cn, April 26, 2013
Chinese electric car and battery manufacturer BYD Co. Ltd. reported a net profit growth of 316 percent to 112 million yuan (17.95 million U.S. dollars) in the first quarter year on year.
According to its first quarter fiscal report, BYD registered a total revenue of 12.88 billion yuan in the first quarter, representing 9.8 percent year-on-year growth.
The company sees its net profit for stockholders in the first half of this year reach between 400 and 500 million yuan.
BYD cites four reasons for the turnaround from its lackluster performance of previous years, which are rising automobile sales, growing mobile phone parts and assembly businesses, narrowed losses in its solar cell business and surging rechargeable battery business.
Shares of BYD in Shenzhen stock market rose 3.06 percent to 24.55 yuan per share on Friday.
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