BYD logs 27.5% YoY drop in Q3 net profit

Shanghai (Gasgoo)- BYD Company Limited (BYD) saw its revenues for the third quarter reach roughly 54.307 billion yuan ($8.488 billion), jumping 21.98% from the previous year, according to the latest quarterly financial results BYD posted on the Hong Kong Stock Exchange (HKEX).

However, the Jul.-Sept. net profit attributable to shareholders tumbled 27.5% year on year to about 1.27 billion yuan ($198.428 million). After deduction of non-recurring profit and loss, the Q3 net profit still slumped 67.17% to 517.739 million yuan ($80.922 million).

Basic earnings per share for the third quarter stood at 0.44 yuan ($0.069), which were 29.03% lower than that of the year-ago period. 

For the first three quarters of 2021, BYD's revenues jumped 38.25% year on year to 145.192 billion yuan ($22.693 billion), while the net profit belonging to shareholders fell 28.43% to 2.443 billion yuan ($381.855 million).

The company said the growth in year-to-date revenues was mainly thanks to the increase in automobile and mobile phone businesses.

During the first nine months, BYD sold a total of 452,744 new vehicles, representing a 68.32% hike. Notably, the new energy vehicle segment scored a 204.29% robust leap with 337,579 vehicles sold through September.

BYD Company Limited is a China-based HK-listed company principally engaging in the manufacture and sales of transportation equipment, electronic parts, and electronic devices for daily use. Its products include automobiles, rechargeable batteries, photovoltaic products, mobile phone parts and assembly, and others.