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BYD suffers YoY net profit plunge of 72.19% in H1

Shiny From Gasgoo| August 30 , 2018

China auto news, BYD H1 revenue net profit

Shanghai (Gasgoo)- BYD's revenue advanced 20.23% over the previous year to RMB 54.151 billion during the first half of 2018. The net profit of BYD plunged 72.19% from a year ago to RMB 479.1 million, according to BYD's interim financial report released on Aug. 29.

During the second quarter, BYD gained revenue of RMB 29.413 billion. The net profit attributable to shareholders of parent company reached RMB 377 million, slumping 66% from a year ago.

As to revenue from specific departments, revenue from auto and auto-related business reached RMB 29.226 billion, jumping 26.03% from a year ago. Mobile parts and assembling business reached RMB 20.0397 billion, up 11.85% from a year ago. Revenue of recharging battery and photovoltaic business reached RMB 4.526 billion, leaping 25.26% compared to the same period last year. The above-mentioned three businesses took up 53.97%, 37.67% and 8.36% of BYD's total revenue respectively.

New energy vehicle (NEV) always is BYD’s major business. During the first six months, BYD achieved a NEV revenue growth of 16.65% to RMB 184.25 million. According to the financial report, BYD delivered 224,500 vehicles during the first half of 2018, among them, 74,900 units are NEVs. Particularly, sales of pure electric vehicle even doubled. 

BYD stated that the net profit plunge resulted from the phasing-out of subsidy. According to the financial report, as the NEV subsidies are phasing out, the profitability of NEV business, which includes electric bus and new energy passenger vehicles, suffered substantial drop compared with the same period last year.

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