BYD's net profit falls

Gasgoo.com (Shanghai August 24) - Ailing manufacturer BYD has seen its stockholders' net profit fall 89 percent, the Beijing News reported today. The news is accompanied by its Hong Kong stock prices decreasing 14 percent, representing a new low for the company.

BYD's H share prices hit a low of 16.28 Hong Kong dollars ($1.959), while A share prices ended at 26.63 yuan ($4.175).

BYD cite the phasing out of preferential vehicle purchase policies, an increasingly competitive market and held up orders as reasons behind its performance. Additionally, the manufacturer points out the rising cost of materials and labor in the country.