BYD Auto 08' sales revenue up 77% to $1.27 bln

Shanghai, March 31 (Gasgoo.com) BYD Co, China's battery producer and auto maker, said in a statement that its net profit fell 37% year on year in 2008 but sales revenue of its vehicle business rose 77% to 8.65 billion yuan ($1.27 billion).

Net profit of BYD Co dropped 36.64% to 1.021 billion yuan in 2008, which the company said is mainly dragged by the decline of its mobile phone battery business, rising material spending and Chinese currency yuan (RMB) appreciation. Sales revenue of the company reached 26.79 billion yuan in 2008, representing a year-on-year growth of 26%.

The Shenzhen-based automaker said that its vehicle business increased rapidly in 2008, accounting for 32% of its total income, up 9% from 2007. Sales revenue of its vehicle business jumped 77% year on year to 8.65 billion yuan, with sales volume hitting 170,000 units last year.

Separately, BYD's handset parts subsidiary BYD Electronic (International) Co experienced a sharp year-on-year decline of 30% in net profit in 2008. The subsidiary's revenue grew 48% year on year to 8.56 billion yuan.