BYD's 2013 Q1 net profit expected to exceed 100m yuan

Gasgoo.com (Shanghai March 25) - BYD's net profit for the first three months of the year is expected to be between 100 million yuan to 140 million yuan ($15.96m-$22.34m), the China Securities Journal reported today. Those expected numbers are 269.83 percent and 417.76 percent higher than last year's figures.

In its recently released financial report, BYD stated that its automobiles business benefited greatly from increasing consumer demand and favorable market conditions. By comparison, the manufacturer's cell phone, rechargeable battery and solar energy businesses performed relatively poorly.

BYD reported total income of 46.85 billion yuan ($7.43b) in 2012, representing negative year-on-year growth of 4.04 percent. The manufacturer reported a net deficit of 304 million yuan ($48.21m) last year, equivalent to negative year-on-year growth of 121.58 percent. Its stockholders gained 81 million yuan ($12.84m) in profit in 2012, a full 94.12 percent less than the previous year.