Chinese car maker BYD warned Wednesday its profits in the first half of the year may have fallen 95 percent from a year earlier.
Buffett-backed BYD warns of 95% drop in H1 profits
95%
Chinese car maker BYD warned Wednesday its profits in the first half of the year may have fallen 95 percent from a year earlier amid stiff competition and a drop in auto sales after some tax incentives for small cars ended. (002594, ) 95% BYD said its profit for the first six months of the year were likely between 121 million yuan (US$18.7 million) and 363 million yuan (US$56.1 million), down 85 to 95 percent from 2.42 billion yuan a year earlier. 1.21 3.63 85% 95% The company, which also makes batteries and mobile phone parts, said sales of its handset parts and assembly business also declined during the six month period after a major customer postponed orders, according to documents filed with the Shenzhen stock exchange on Tuesday. Last month, BYD reported that its first quarter profits dropped 84.35 percent over a year before to 266.74 million yuan. A 2.67 84.35%Analysts said that given the company's recent performance, there may be more tough times ahead.
China's business press carried the story above on Wednesday.
