Greener BeeGreen ElectronicsChina’s BYD forecasts up to 91 percent profit rise for first nine months


The logo of BYD is seen on a car presented at the Auto China 2016 auto show in Beijing, China, April 29, 2016.  REUTERS/Damir Sagolj
The
logo of BYD is seen on a car presented at the Auto China 2016
auto show in Beijing

Thomson
Reuters


BEIJING (Reuters) – Chinese automaker BYD Co Ltd , backed by
Warren Buffett’s Berkshire Hathaway Inc , on Sunday predicted an
up to 91-percent profit increase in the first nine months of the
year, as government policies drive green car sales.

The Shenzhen-based company forecast an 83 percent to 91 percent
rise in net profit for the first nine months, between 3.6 billion
yuan ($539.8 million) to 3.7 billion yuan, according to a stock
exchange filing.

For the first half of 2016, BYD reported 2.3 billion yuan in
profit, a 384 percent increase year-on-year, on the low end of
the company’s predicted increase of 382 percent to 425 percent.

BYD, which focuses on making green energy cars and batteries for
personal electronics, had reported successive quarters of
triple-digit growth since third quarter 2015 after years of
favorable government policies finally sparked a boom in sales of
full electric cars and plug-in hybrids.

Berkshire Hathaway’s stake in BYD fell to 8.25 percent from 9.1
percent previously after a share sale in July in which South
Korea’s Samsung Electronics Co Ltd and other investors bought a
stake in the Chinese automaker.

BYD’s board recommended an interim cash dividend of 0.367 yuan
per share, according to the filing.

(Reporting by Jake Spring; Editing by Stephen Coates and Raissa
Kasolowsky)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

Article source: http://www.businessinsider.com/r-chinas-byd-forecasts-up-to-91-percent-profit-rise-for-first-nine-months-2016-8


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