BYD scores 50.22% YoY jump in semi-annual revenue

Shanghai (Gasgoo)- The revenue for the first six months of the year at BYD Company Limited (BYD) surged 50.22% year on year to 90.885 billion yuan ($14.052 billion), the company reported in a filing last week.

To be specific, the Jan.-Jun. revenue from the business of automobiles, auto-related and other products jumped 22.09% to 39.157 billion yuan ($6.054 billion yuan). The business unit of mobile phone components, assembly parts and other products gained 43.132 billion yuan ($6.669 billion) of revenue, posting an 84.48% year-over-year hike.

During the reporting period, BYD's net profit attributable to shareholders fell 29.41% over a year ago to 1.174 billion yuan ($181.454 million). After deduction of non-recurring profits and losses, the semi-annual profit stood at 368.666 million yuan ($57.002 million), slumping 59.76% year over year.

BYD said it received governmental subsidies worth 956.977 million yuan ($147.965 million) between Jan. and Jun.

The company stated that the drop in net profit mainly resulted from the shrinking gross margin coming after the product structure change. Meanwhile, the rising raw material cost also brought down BYD’s overall profitability.

The company also reported 9.677 billion yuan ($1.496 billion) in its first-half net cash flow generated by operating activities, representing a 37.72% year-on-year decline. The basic earnings per share stood at 0.41 yuan ($0.063), versus 0.56 yuan ($0.087) for the year-ago period.

Due to the increasing investment in new technical projects, BYD’s first-half R&D expenditure leapt 36.51% to 4.412 billion yuan ($682.196 million).