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China’s BYD H1 profit triples as deliveries break record

China’s BYD H1 profit triples as deliveries break record

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BEIJING, China (Reuters) –China’s BYD Co Ltd recently said first-half profit jumped 204.7 percent as the new energy vehicle maker broke its delivery record and retained its crown as China’s biggest-selling auto brand.

Net earnings for the six-months ending June 30 reached 10.95 billion yuan ($1.50 billion), up 204.7 percent from 3.6 billion yuan a year earlier, on a 72.7-percent rise in revenue to 260.12 billion yuan, BYD said in a stock market filing.

The company posted a 6.82 billion yuan net profit for the April-June quarter, up 144.7 percent, a Reuters calculation showed. That was a smaller increase than in the first quarter when profit jumped fivefold. The Q2 earnings, the second highest quarterly number, was within BYD’s net profit forecast of between 6.37 billion yuan and 7.57 billion yuan.

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The Shenzhen-based automaker, whose investors include Warren Buffett’s Berkshire Hathaway, has managed to cement its leadership in the world’s largest auto market in the face of intensifying price competition and slowing demand. It outsold Volkswagen-branded cars in China for the first time in October.