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Chinese Automaker BYD 1H Profit Down 94 Percent

Tue, 08/28/2012 - 2:22pm
The Associated Press

HONG KONG (AP) — Chinese auto and battery maker BYD Co. says first-half profit plunged 94 percent as it faced tougher competition in the world's biggest auto market.

BYD said late Monday that profit sank to 16 million ($2.5 million) or 0.01 yuan (0.02 US cents) per share on a slight dip in revenue to 21.4 billion yuan.

In the same period last year, BYD reported profit of 275 million yuan or 0.12 yuan per share.

American investor Warren Buffett's Berkshire Hathaway Corp owns about 10 percent of BYD.

The company blamed China's economic slowdown and intensifying competition among domestic auto brands, which are losing market share to foreign brands.

BYD, which also assembles mobile phone handsets for leading brands, said sales declined as the global economic slump depressed demand for smartphones.

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