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Chinese automaker BYD reports 29 pct fall in Q1 profit
April 28, 2017 / 12:10 PM / 5 months ago

Chinese automaker BYD reports 29 pct fall in Q1 profit

BEIJING, April 28 (Reuters) - Chinese automaker BYD Co Ltd , backed by Warren Buffett’s Berkshire Hathaway Inc, reported a 28.8 percent fall in net profit in the first quarter.

Net profit was 605.8 million yuan ($87.88 million) in the quarter, in line with its forecast last month of a 24 to 35 percent decline..

It also predicted on Friday an up to 31.4 percent in first-half net profit as green car sales slow in China as the government steps back from its policy push.

That would be the biggest drop in first-half profits since 2012.

$1 = 6.8938 Chinese yuan renminbi Reporting by Muyu Xu and Jake Spring; editing by Susan Thomas

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