BYD reports Q1 performance, net profit up 255%

Shanghai, April 28 (Gasgoo.com) According to the unaudited first quarter Performance Report submitted by BYD Co Ltd. (1211.HK) to the HKEx (Hong Kong Stock Exchange), BYD's turnover reached to 12.6 billion yuan ($1.85 billion), an 70% increase from last year's 7.4 billion and the net profit grew by 255% to 1.7 billion yuan for the first quarter of 2010.


The gross profit was 3.1 billion yuan, up 116% year on year and the parent company holders gained 1.7 billion yuan, up 255% with 0.75 yuan earnings per share.

Li Zhuhang, general manager from BYD's export sector, said this year's overall auto sales in the Chinese market will grow nearly 20% mainly because of the strong demand in central and western regions which will greatly promote BYD's sales domestically.

He repeated that BYD aims to sell 800,000 vehicles in the domestic market this year, compared with last year's 480,000 sales target. The company sold 450,000 vehicles in 2009.