BYD net profit falls on lower sub­si­dies

China Daily European Weekly - - BUSINESS -

New energy au­tomaker BYD posted a 19.5 per­cent de­cline in net profit last year amid “sig­nif­i­cantly re­duced” sub­si­dies for new energy ve­hi­cles and a sales slump in gas-pow­ered ve­hi­cles. BYD’s an­nual net profit fell to 4.07 bil­lion yuan ($647 mil­lion; 525 mil­lion eu­ros; £460 mil­lion), while its rev­enue rose by 2.3 per­cent to 106 bil­lion yuan, the Shen­zhen-based com­pany said in its an­nual re­port filed with the Shen­zhen Stock Ex­change on March 27. BYD fore­cast that its first-quar­ter net prof­its are ex­pected to fall by 75.24 to 91.75 per­cent to be­tween 50 mil­lion and 150 mil­lion yuan.

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