Chinese battery and car maker BYD Co. (1211.HK) said Wednesday first-quarter net profit slumped 90% on the year because of lower car sales and the cancellation of government incentives for vehicle purchases.
The company said its net profit for the three months ended March 31 was CNY27 million ($4.3 million), down from CNY266.7 million. Revenue rose 0.2% to CNY11.73 billion from CNY11.71 billion.
The Shenzhen-based company said it sold 108,755 cars in the first quarter, representing a decline of 8% on the year.
Established in 1995, BYD manufactures rechargeable lithium-ion and nickel batteries but has diversified into mobile-phone parts and alternative-fuel cars. It is 10% owned by MidAmerican Energy Holdings Co., a unit of Warren Buffett's Berkshire Hathaway Inc. (BRKB).
-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002; firstname.lastname@example.org
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