30-06-2011, 08:29 AM
BYD says Q1 profit falls 84.4 pct on year
Tue Jun 28, 2011 7:56pm EDT
HONG KONG, June 29 (Reuters) - BYD Company Ltd , the Chinese automaker backed by U.S. billionaire Warren Buffett, said its net profit for the first quarter of 2011 fell 84.4 percent year-on-year in accordance with Chinese accounting standards.
In a filing to the Hong Kong bourse on Wednesday, BYD said net profit for the first quarter stood at 266.74 million yuan ($41.2 million), compared to 1.70 billion yuan a year ago.
The drop was "mainly due to a decline in the performance of the automobile business, coupled with the effect of increased management expenses and finance expenses," chairman Wang Chuan-fu said in a statement.
Operating revenue for the quarter fell 11.6 percent year on year to 11.71 billion yuan as vehicle sales volumes fell on the expiration of incentives and intensifying competition, the firm said.
BYD, in which Buffett's Berkshire Hathaway Inc (BRKa.N) has a 9.9 percent stake, said earlier this month that it had received formal approval for an A-share listing on the Shenzhen market.
BYD shares in Hong Kong are down 38.7 percent so far this year, compared with a 4.2 percent drop for the benchmark Hang Seng Index . ($1 = 6.470 yuan) (Reporting by Donny Kwok; Editing by Jonathan Hopfner)
Tue Jun 28, 2011 7:56pm EDT
HONG KONG, June 29 (Reuters) - BYD Company Ltd , the Chinese automaker backed by U.S. billionaire Warren Buffett, said its net profit for the first quarter of 2011 fell 84.4 percent year-on-year in accordance with Chinese accounting standards.
In a filing to the Hong Kong bourse on Wednesday, BYD said net profit for the first quarter stood at 266.74 million yuan ($41.2 million), compared to 1.70 billion yuan a year ago.
The drop was "mainly due to a decline in the performance of the automobile business, coupled with the effect of increased management expenses and finance expenses," chairman Wang Chuan-fu said in a statement.
Operating revenue for the quarter fell 11.6 percent year on year to 11.71 billion yuan as vehicle sales volumes fell on the expiration of incentives and intensifying competition, the firm said.
BYD, in which Buffett's Berkshire Hathaway Inc (BRKa.N) has a 9.9 percent stake, said earlier this month that it had received formal approval for an A-share listing on the Shenzhen market.
BYD shares in Hong Kong are down 38.7 percent so far this year, compared with a 4.2 percent drop for the benchmark Hang Seng Index . ($1 = 6.470 yuan) (Reporting by Donny Kwok; Editing by Jonathan Hopfner)